Latest WA Carbon Credit Auction Triggered Gas Price Hike

Latest WA Carbon Credit Auction Triggered Gas Price Hike

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According to the prices from the latest carbon credit auction in WA State from the Climate Commitment Act, drivers have seen prices tick up already.

   Businesses pay the highest price of the year so far

WA State has already raised several billion dollars from previous auctions, and at the last auction for 2024, businesses paid $40.26 per credit, the highest of 2024.

According to The Center Square:

“That price is likely to continue to go up because the way prices are set is an auction of allowances and the number of allowances that are available will go down next year,” said Vice President for Research at Washington Policy Center Todd Myers.

 “If you reduce the supply of something, prices are going to go up, so that’s probably what we’ll see next year,” said Myers."
That translated into the recent increases at the pump, as suppliers already figured in the price hike from the cost of the credits.
   How the state is spending all this money has come into question, because aside from a few EV vehicle rebate or incentive programs and a handful of inexpensive 'programs,' the state has not specified where the money is going. They have also not laid out large, specific plans for how to combat greenhouse gases or climate change.
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  The Center Square says the Department of Ecology did not respond to a comment request in time before their article was published.

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Filed Under: carbon credits, gas price news, pollution tax, WA state news
Categories: Automotive, Business, Crime, News, Travel

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