Albany Democrats approve ‘cap and invest’ plan that could increase gas prices by 62 cents per gallonBy Zach Williams
May 3, 2023
ALBANY — The $229 billion state budget approved Tuesday includes a “cap and invest” plan to cut carbon emissions that Gov. Kathy Hochul’s administration has admitted will fuel future spikes in energy costs.
Gasoline prices could increase by 62 cents per gallon while natural gas costs might skyrocket by 80%, Department of Environmental Conservation Commissioner Basil Seggos said in late March.
The prices would go up as fuel producers pay for their carbon emissions under the plan, and then pass that cost on to consumers, according to Seggos.
The warning was part of an unsuccessful effort by Gov. Kathy Hochul ahead of the April 1 state budget deadline to convince state lawmakers to loosen pollution limits to reduce projected price increases due to “cap and invest” aiming to make polluters pay for emitting carbon.
“It’s going to raise costs on anything that’s being produced by these facilities that use natural gas and produce emissions,” state Sen. Tom O’Mara (R-Elmira) said at the Capitol Wednesday before voting against the budget.
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Source:
https://nypost.com/2023/05/03/ny-approves-plan-that-could-increase-gas-prices-by-62-cents-per-gallon/
