California should raise fuel imports, pause margin cap, regulator says

NEW YORK (Reuters) -California's energy regulator on Friday recommended new rules to encourage more private investment in fuel imports and a pause on refiner profit limits, hoping to stop gasoline prices from skyrocketing in the state as it braces for the closure of two of its major refineries. The recommendations by the California Energy Commission came in response to a letter by Governor Gavin Newsom to suggest changes to the state's energy transition efforts by July 1. California faces higher fuel costs from planned refinery closures by Phillips 66 and Valero Energy.