WRITTEN BY JOHN HUGH DEMASTRI ON MAR 1, 2023. POSTED IN LATEST NEWS
Wash. State’s New Climate Law Is Causing Gas Prices To Skyrocket
Gas prices in the state of Washington have surged 40 cents since the new year when a new law designed to penalize greenhouse gas emissions went into effect, according to the U.S. Department of Energy’s Energy Information Administration (EIA).
Washington businesses that produce more than 25,000 metric tons of carbon dioxide emissions per year will either need to purchase allowances from the state’s Department of Ecology at quarterly auctions or trade for them with another business later, a practice commonly known as “cap-and-trade,” Axios reported. [emphasis, links added]
Since the law was implemented, the cost of gas in the state has skyrocketed from nearly $3.70 to just over $4.10, according to the EIA.
The final cost of the allowances will be announced on March 7, and will be determined by the results of the state’s first auction, hosted Tuesday, Axios reported.
https://climatechangedispatch.com/wash-states-new-climate-law-is-causing-gas-prices-to-skyrocket/
