October 16, 2024

IE COMMUNITY NEWS

El Chicano, Colton Courier, Rialto Record

Inland Empire Advocates Push Senate to Pass ABX 2-1: Targeting Oil Company Price Gouging for Consumer Protection

2 min read

Advocates in the Inland Empire and across California are urging the Senate to pass ABX 2-1, a landmark bill aimed at ensuring economic fairness, climate justice, and consumer protection by stabilizing gas prices and holding oil companies accountable.

The California Assembly’s recent passage of ABX 2-1 marks a critical step toward protecting consumers from the volatility of gas prices. The bill now awaits Senate approval and is seen as a key measure in providing relief to Californians, particularly those in lower-income communities, who are disproportionately affected by fuel costs. If signed into law, the bill would create a secure oil reserve to safeguard against future price spikes driven by supply chain disruptions or market manipulation.

ABX 2-1 also seeks to impose stricter oversight on oil companies, many of which have seen record profits while Californians continue to struggle at the pump. A significant portion of the population, particularly in communities of color, spends a larger share of their income on fuel. According to recent studies, 25% of Latino adults and 23% of Black adults in California have reported severe financial hardship due to gas prices.

“This bill incentivizes fuel refineries to plan proactively, saving Californians — consumers — billions at the pump,” said Assemblymember Gregg Hart, who authored the bill. “We must act now to provide relief to those who rely on gasoline to get to work, take their children to school, and care for their families.”

The bill has garnered widespread support from climate justice advocates who view it as a crucial step toward a more sustainable and equitable future. These advocates argue that unchecked profiteering by oil companies not only burdens consumers but also hinders California’s transition to clean energy.

With the bill’s passage in the Assembly, attention now turns to the California Senate, where supporters hope for swift action. Consumer protection groups, environmental organizations, and local advocates are rallying for its approval, highlighting the urgent need for economic and environmental justice.

“This is a pivotal victory for consumers, challenging the long-standing tactics of oil refiners to inflate gas prices and profits,” said Jamie Court, president of Consumer Watchdog. “ABX 2-1 sets a powerful precedent for tackling price gouging at the pump.”

Advocates across the Inland Empire continue to emphasize the critical nature of this legislation, framing it as a vital response to both economic inequities and the state’s ambitious climate goals.

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