ICYMI: “Californians are paying less to fill up at the pump”
SACRAMENTO – Californians are paying less at the pump this holiday season, according to new data shared recently by the California Energy Commission. And it’s in part thanks to the Newsom Administration’s efforts to protect consumers at the pump with new transparency on the oil industry.
Californians are paying less to fill up at the pump, with the annual average price for gasoline at a 3-year low, due in part to the state’s efforts to protect consumers and improve transparency of the petroleum industry.
State officials can better understand supply, demand, and price trends in the petroleum market because of transparency and accountability tools that can be used thanks to new laws signed by Governor Gavin Newsom in recent years.
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The annual average price for gasoline in California is on track to be 20 cents per gallon less than 2023 and 70 cents per gallon lower than 2022 – adjusted for inflation, that’s more than $1 less per gallon. This equates to an avoided cost to Californians of about $2.5 billion compared to 2023 and $9.3 billion compared to 2022, Smith said.
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The CEC is closely tracking gas prices as part of SB X1-2, looking at the influence of several factors, including gasoline supply and refinery maintenance.
Smith talked about the data transparency and analysis activities that CEC is implementing under the law, including the following:
- Expanded data collection efforts and analyzed tens of thousands of data submissions to improve understanding of the petroleum market.
- Collected more detailed information on the timing and impact of refinery maintenance events to better understand how outages affect supply and prices.
- Partnered with the California Department of Tax and Fee Administration to publish a report on gasoline prices and its impact on state revenues in May 2024.
- Published a transportation fuels assessment report in August 2024. The report describes the current state of the California transportation fuels market and identifies numerous policy options to mitigate price spikes and ensure a stable fuel supply.
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