Golden State Today

Californians are experiencing lower gasoline prices this holiday season, according to recent data from the California Energy Commission (CEC). The average price per gallon has decreased by 20 cents compared to last year and is 70 cents lower than in 2022. This reduction translates into significant savings for Californians, amounting to billions of dollars.

The Newsom Administration attributes these savings partly to its initiatives aimed at enhancing transparency within the oil industry. These efforts have provided state officials with better tools to analyze supply, demand, and pricing trends in the petroleum market. Governor Gavin Newsom's recently signed laws have facilitated these advancements.

The CEC is actively monitoring gas prices under SB X1-2, considering various factors such as gasoline supply and refinery maintenance. According to Smith from the CEC, expanded data collection efforts have been crucial in understanding the petroleum market dynamics. The agency has gathered detailed information on refinery maintenance events' timing and impact to comprehend how outages influence supply and prices.

In collaboration with the California Department of Tax and Fee Administration, a report on gasoline prices' effects on state revenues was published in May 2024. Additionally, a transportation fuels assessment report released in August 2024 outlines the current status of California's transportation fuels market and proposes policy options to prevent price spikes while ensuring a stable fuel supply.