Surrounded by legislative backers, Gov. Gavin Newsom on Monday signed a bill that he says will end gas price hikes and stop the oil industry from gouging people at the pump.

Newsom signed the bill during a press conference less than an hour after the State Assembly in a special session Monday approved the measure with a 42-16 vote.

“(The oil industry) has been screwing (consumers) for years and years,” Newsom said during the press conference. “What I’m so proud of is we stood up, we stood tall.”

The bill allows the state to require oil refiners to maintain a minimum inventory of fuel to avoid supply shortages that create higher gasoline prices for consumers, and higher profits for the industry, Newsom said. It also authorizes the California Energy Commission, the state’s main energy policy agency, to adopt rules that require oil refiners to have surplus supplies before they go down for maintenance.

The measure was approved by the Assembly earlier this month with a 44-17 vote and by the Senate last Friday with a 23-9 vote. Monday’s approval vote by the Assembly was procedural because the bill was amended in the Senate to include more provisions for worker safety.

The bill received pushback from Republican lawmakers, labor groups and the oil industry, which argued that it could unintentionally spike gas prices and threaten worker safety because delaying necessary maintenance could lead to accidents.

“Democrats know these new regulations will do nothing to actually lower gas prices,” said Assembly Republican James Gallagher of Yuba City in a statement. “Make no mistake, they have the power to lower gas prices today. But instead of passing any meaningful proposals, Democrats are doing the governor’s bidding. They should be fighting for California drivers, not helping Newsom distract from the price hike his administration is getting ready to impose.”

Gallagher said Assembly Republicans proposed several bills that would have immediately offered drivers relief at the pump, including a bill that would have suspended the gas tax and exempted gas from Cap-and-Trade. Democrats refused to vote on the bills and instead pushed forward with the governor’s “half-baked mandate,’’ he said.

California drivers are currently paying the highest gas prices in the nation. In California, drivers were paying an average of $4.67 a gallon for regular gas Monday, according to AAA. The average price for a gallon of gas in the nation was $3.20, according to AAA.

Oil industry groups, such as the Western States Petroleum Association, have voiced stern opposition to the bill since it was unveiled in late August The association claims the refinery supply mandate will create artificial shortages of fuel in California, Arizona and Nevada by forcing refiners to withhold fuels from the market.

“This theory of cost savings is just that — a theory,” association President Catherine Reheis-Boyd said in a statement. “Without a deep understanding of the complexities of refinery operations, policymakers are gambling with consumers’ wallets. We, as an industry, are ready to roll up our sleeves and address the root causes of California’s volatile energy market, which has been shaped by decades of policies.”

Consumer Watchdog hailed Gov. Newsom’s signing of California’s new gasoline minimum inventory law, ABX2-1, as a pivotal moment in the fight against California gas spikes and called on other states to follow suit with similar laws.

“The single most important thing California can do to prevent gasoline price spikes is to require adequate inventories when refineries go into periods of maintenance,” said Consumer Watchdog President Jamie Court.

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