There's been a lot of chatter recently among California lawmakers about a gas rebate as prices at the pump are among the highest in the country.
"If you look at all the regulations, taxes, and fees associated with gas in California, we pay $1.27 more [per gallon] than every other state in the nation. It's really sad," Republican Assemblymember James Gallagher said on Yahoo Finance Live (video above). "We have a double whammy, not only do we have high gas prices, but we have all these regulations and fees that's what makes it even harder. And that's why ours is so much higher than everywhere else in the nation."
On Wednesday, Governor Gavin Newsom (D) announced his latest proposal to provide $11 billion in relief, including a $400 gas rebate and free rides on public transit.
Under the plan, registered vehicle owners could receive up to $800 in gas rebates. The state plans to send $400 debit cards to people who own electric or other vehicles that don't use gasoline would qualify for the rebates.
"I'm actually open to talking about rebates because in California we have almost a $60 billion surplus, and I think we should give back some of the taxpayer money to California taxpayers,"Gallagher said. "But the problem with what he's proposing, and he even said this, [is that] the earliest they could [provide rebates] is July. People need relief right now."
Lawmakers in both parties have been debating for weeks what to do about the skyrocketing prices.
"If the governor or the Democrats would just pass this gas tax holiday, that would instantly reduce everybody's price by 51 cents a gallon," Gallagher said. "But the other problem we have in California is our regulatory environment. Our lack of refineries actually makes it so that our gas [price] goes up."
In LA County, there are six oil refineries that pump out more than a million barrels, nearly 60% of the refinery capacity in California. Nevertheless, the average price for a gallon of regular grade gas is currently $5.91.
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter: @daniromerotv
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