oil and gas

Gov. Newsom signs gas price bill

NBC Universal, Inc. California lawmakers narrowly passed the controversial measure that allows regulators to require refineries to keep reserves to offset any claims of shortage that often send prices skyrocketing. Jodi Hernandez reports.

Gov. Gavin Newsom signed a bill on Monday aimed at stopping sudden spikes at the gas pump.

California lawmakers narrowly passed the controversial measure that allows regulators to require refineries to keep reserves to offset any claims of shortage that often send prices skyrocketing.

Californians already pay an average of $1.28 more per gallon of gas than the rest of the country, according to AAA.

Gov. Gavin Newsom will make another push Monday for his gas price bill after it passed the state Senate and moved to a vote in the state Assembly. Bob Redell reports.

The bill has been supported by several California mayors and other local leaders.

Bay Area commuter Carlos Velarde said: "It’s hard. You have to make choices. I mean gas is a big part of it as well as housing. Those are the two components that either allow you to live here or force you to move away."

While lawmakers say it’s time to crack down on big oil, the Western States Petroleum Association says it’s not the answer. They say the measure could drive prices up and force refiners out.

“My fear is losing another refinery in the state of California. And I think what’s before us is sooner rather than later,” said Cathy Reheis-Boyd with the Western States Petroleum Association.

Jodi Hernandez has more in the video above.

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