SACRAMENTO, California — California energy regulators on Wednesday delayed a vote to postpone a planned tightening of rules for oil refineries, including a potential profit cap and restrictions on refinery maintenance schedules.
What happened: The California Energy Commission said it would postpone a scheduled vote on the regulatory delays as part of a larger effort to stave off gasoline price spikes in the wake of two California refineries’ announced plans to shutter.
Officials said they needed more time to consider the two resolutions, which would delay a planned profit cap on refiners and not move forward with rules regulating refineries’ maintenance and turnaround work.
CEC Vice Chair Siva Gunda told POLITICO that the key issue still at play is how long the agency should delay its implementation of the oil industry regulations. For the delay to have its intended effect, it must last long enough to give refiners and their financiers the confidence they need to continue investing in their California infrastructure, according to Gunda.
