S&P 500 5,235.18 +1.02%EUR/USD 1.0840 +0.21%GBP/USD 1.2710 +0.14%USD/JPY 149.50 −0.18%BRENT $82.40 −0.81%BTC $67,800 −0.21%GOLD $2,341 +0.55%NASDAQ 16,420.55 +0.74%S&P 500 5,235.18 +1.02%EUR/USD 1.0840 +0.21%GBP/USD 1.2710 +0.14%USD/JPY 149.50 −0.18%BRENT $82.40 −0.81%BTC $67,800 −0.21%GOLD $2,341 +0.55%NASDAQ 16,420.55 +0.74%
A daily business newspaper · Founded in 2026

Money Talk

Finance and markets: business, quotes, gold, energy and releases.

California Pushes to Curb Wartime Gas Price Spikes

California drivers have paid at least $1.50 per gallon more than the national average for 13 of the first 25 weeks of 2026, a surge that Consumer Watchdog attributes to refiners exploiting the ongoing conflict with Iran to inflate profit margins beyond standard operating costs.

California Pushes to Curb Wartime Gas Price Spikes
Photo: Bio & News

An analysis of U.S. Energy Information Administration data reveals a sharp departure from historical trends. While California gas prices traditionally sit higher due to state-specific taxes and environmental fees—which account for an 87-cent premium—the current disparity exceeds typical market fluctuations. In 2024 and 2025 combined, the gap between California and national prices reached this $1.50 threshold for only six weeks total.

Jamie Court, president of Consumer Watchdog, argues that refiners are using the war as a pretext for excessive pricing. State-compiled data under SB 1322 supports this claim, showing gross refining profit margins hit $1.24 per gallon in April. To address this, lawmakers are advancing SB 493, sponsored by Senator Josh Becker, which seeks to update California’s anti-price gouging statutes. Existing Penal Code Section 396 prohibits price hikes of more than 10% during declared emergencies without cost justification. SB 493 would explicitly add war, defined as sustained military operations against a foreign power, to the list of conditions triggering these protections. The bill is scheduled for a hearing before the Assembly Committee on Public Safety on June 30.

Share article
TelegramXFacebook

When reusing this material a link to Money Talk is required.

Comments (0)

Leave a comment

No comments yet. Be the first!