FRESNO, Calif. (KSEE/KGPE) - Governor Gavin Newsom signed ABx2-1, coined "The Gas Price Bill," Monday, aiming to prevent gas prices from spiking. According to AAA, California has the highest gas prices in the nation, averaging at $4.68 per gallon. Fresno County averages $4.72 per gallon. The new law will increase regulations on oil refineries, requiring them to keep a certain amount of fuel on hand so they do not need to raise prices during busy travel seasons or when they shut down for routine maintenance. “The data is clear. Price spikes happen when refineries fail to plan for supply during scheduled maintenance. This bill will hold oil companies accountable for supply plans when refinery shutdowns occur, ultimately saving Californians billions at the pump,” Democratic Assemblymember Gregg Hart said during Monday’s press conference. However, President of West Hills Oil Scott Cain believes the legislation will have the opposite effect. “You know, you have to store this fuel in tanks, and it's not like there is just extra tank storage everywhere. So where are you going to be able to store this product? And if it requires building any kind of new facilities, that's going to take a long time and those prices are just going to be simply passed along to consumers,” Cain said. Last year, California passed legislation to support an Energy Commission study into why gas prices peak during summer months. “They were able to determine that the leading cause of these $0.50 to $0.75 price spikes was the failure of our oil refineries to maintain adequate gas supplies when they shut down for maintenance or during those crucial high demand driving times from Memorial Day to Labor Day,” Democratic Sen. Nancy Skinner said. Newsom adds it's the oil refineries who benefit when prices spike. “They've been lying to you, they've been playing you over and over and over again, and every single one of you… you have been screwed by these companies,” Newsom said. Cain argues legislators did not consider the consequences on business owners when they wrote the law. “We're now down to fewer than 12 refineries in the state of California. When I started, 30 years ago, there was double that. And so you can't restrict the supply when demand is still very, very strong and expect prices to do anything else but rise,” Cain said. Governors in Arizona and Nevada sent letters to Newsom expressing concerns about the law’s impacts. Newsom says he cannot promise that it will reduce gas prices, but he thinks it is a step in the right direction.