Summary
The city buys gas daily, uses storage to dodge price spikes (like the 2023 pipeline explosion spike), and is negotiating a backup supply deal with the oil island operator (Thums) for the 2028 Olympics. Storage keeps customer bills lower when prices surge.
At a glance
- Total mentions
- 3
- Last 30 days
- 1
Discussed at 1 meeting in the last 60 days; most recently Oct 15, 2026.
Impact analysis
Storage withdrawals during price spikes let the city avoid buying high-cost gas, protecting customer bills.
Long Beach gas customers, whose bills are shielded from price spikes by storage and diversified supply.
Customers pay slightly more when market prices stay low, since the fixed price is locked in.
Mentions & discussions (3)
Utilities Commission - Oct 15, 2026
The city buys gas daily, uses storage to dodge price spikes (like the 2023 pipeline explosion spike), and is negotiating a backup supply deal with the oil island operator (Thums) for the 2028 Olympics. Storage keeps customer bills lower when prices surge.
Utilities Commission - Special Meeting - May 28, 2026
The Board authorized fixed price swap agreements to lock in gas prices for up to three winters, protecting customers from 2021/2023-style price spikes. An amendment directs staff to target hedging 100% of prepay volumes when rates are favorable.
Utilities Commission - Resources Committee - May 14, 2026
The department hedges winter gas prices — like insurance against spikes like January 2023's — locking in a fixed price of about 62.5 cents per therm for three winters. Staff will ask the board May 28 for authority to hedge again if market conditions are right.
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