gas prices

Gov. Newsom Calls a Special Session on High Gas Prices

Gov. Gavin Newsom will look at ways of lowering gas prices during a special legislative session Monday.

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Prices at the pump are dropping but will they spike again like they did earlier this year?

It’s an issue that California Governor Gavin Newsom is tackling Monday during a special legislative session on gas prices.

As of Sunday night, it was less than $4.50 a gallon for gas, some of the lowest prices we’ve seen since February.

Gov. Gavin Newsom will look at ways of lowering gas prices during a special legislative session Monday. Marianne Favro reports.

San Jose resident Donnie Worthy said filling up his gas tank is a little less painful.

“I was spending $100 to fill up my small BMW. But now spending like $60,” he said.

Worthy added the lower prices have had a big impact.

“I love it,” he said. “Now, I can travel and not spend a lot of money.”

This year, Californians have paid some of the highest gas prices in the country, an average of more than $1.50 a gallon above the national prices.

While some state legislatures voted to suspend gas taxes, but California did not.

Newsom will look at other ways of lowering gas prices during a special legislative session Monday.

Lawmakers said one idea being discussed: potentially penalizing oil companies to prevent price gouging.

“It would be a penalty on the oil companies that would only be dedicated back toward rebates for consumers. But it could also be something that actually forces them to have to modulate prices at the pump and come back down to a reasonable market value,” said California Assemblymember Chris Ward.

Kevin Slagle, a spokesperson for the trade association representing the five biggest oil companies in the Western United States called Monday’s special session a “political stunt.” But he said the association is open to a meaningful discussion.

“We recognize that there are going to be more renewable and sustainable energies brought online in California and that’s great. But until we get to the point where that can handle what we need in this state, you know, the affordable reliable energy that we provide has got to be part of the mix. So banning us, mandating us out of the business, demonizing our industry really does no good,” he said.

Newsom will also be asking for bills to increase transparency and regulatory oversight of the industry to evaluate pricing and supply shortages, in an effort to stop gas prices from driving up.

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