Californians will soon start saving on energy bills & more! Two major California oil refineries, including Valero and Phillips 66, are preparing to close in the next year. One analysis projects that these closures may bump California gas prices to $8 a gallon, while consumers already shell out for some of America’s priciest gas rates and pay the highest gas tax in the country. They have been raking in unprecedented profits because they can,” Newsom said as he signed the bill, criticizing the oil and gas industry. California also filed a 2023 lawsuit against major oil and gas companies in the state over alleged climate change-related damages.