California state legislator Carl DeMaio, a Republican, has warned state residents of pending $12 gas prices.
"The insane regulations and mandates imposed on oil and gas markets by Gov. Gavin Newsom and CA Democrats are singularly to blame," the Assembly member said in a news release.
He posted that the potential of $12-per-gallon gasoline is real after a private briefing for state leaders. "We were told CA oil industry is on brink of collapse & there is a pending pipeline shutdown. Result: $10-12 and gas rationing!"
DeMaio said in a release that the briefing was a call to action for the state to immediately fix its fuel availability and distribution. He said the state faces dire consequences, including "severe price spikes and catastrophic supply disruptions if we do not act to fix the problems in California's oil and gas industry."
He called on Newsom to "immediately convene an Emergency Session of the State Legislature to address issues including bolstering refining capacity in the state and shoring up pipeline distribution systems."
DeMaio said California's refining capacity has been slashed in the past 15 years.
"Repeal laws and regulations that have made it economically impossible to refine gas within the state of California — leading to the shutdown of more than 50% of California's refining capacity since 2010," he said.
Moneywise reported on Monday that gas prices were predicted to spike at around $8 per gallon in California with the planned closing of two refineries in the state by 2026. The refineries produce about 20% of the state's gas needs.
Jim Mishler ✉
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