California Tightens Climate Fuel Rules That Could Add $0.50/Gallon To Gas Prices
Despite the incoming Trump administration’s likely move to deregulate all things EV, that isn’t necessarily going to stop California from continuing down its ‘green’ agenda path.
And people wonder why there’s exodus from the state to places like Texas and Florida?
Last week, the California Air Resources Board voted to amend the Low Carbon Fuel Standard, which requires fuel producers exceeding carbon targets to buy credits from low- or zero-carbon suppliers, according to Bloomberg.
The updated rules accelerate target reductions, despite concerns over affordability as the state faces rising housing and energy costs. Governor Gavin Newsom is grappling with the economic strain on the nation’s largest state economy amidst this push for stricter climate measures.
Its a move that is projected to raise gas prices by nearly 50 cents per gallon.
Chair Liane Randolph commented: “We cannot afford to continue with the status quo. The health and economic impacts of these events are vastly underestimated.”
The Bloomberg report says that consumer advocates are concerned after a report last year suggested California’s gas prices could rise by 47 cents per gallon in 2025, driven partly by the state’s unique, eco-friendly fuel requirements and high taxes.
Currently, Californians pay an average of $4.29 per gallon—$1.22 above the national average, the report says.
Though the air board’s staff later revised this estimate without providing a new figure, the urgency of climate action pushed board Chair Liane Randolph to proceed, despite political calls for a delay.
Meanwhile, Governor Newsom, clashing with the oil industry over soaring gas prices, recently signed a law mandating minimum fuel inventories to stabilize prices and established a watchdog to scrutinize potential price-gouging.
Next time a Democrat argues they are fighting inflation, remind them of this genius move. This is the opposite of fighting inflation.
Tyler Durden Mon, 11/11/2024 – 17:20
Source: https://freedombunker.com/2024/11/11/california-tightens-climate-fuel-rules-that-could-add-0-50-gallon-to-gas-prices/
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