California governor wants refiners to stockpile gasoline, Bloomberg reports

California Governor Gavin Newsom plans to propose legislation that would require oil companies in the most populous U.S. states to stockpile gasoline and other fuels in order to prevent supply shortages and price spikes during refinery outages, Bloomberg’s Kevin Crowley reports. Newsom’s proposal comes shortly after Chevron (CVX) announced that it is relocating its headquarters to Houston, Texas, from San Ramon, California. Publicly traded companies in the space include Marathon Petroleum (MPC), Phillips 66 (PSX), Valero (VLO), BP (BP), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE).