Lawmakers enacted Washington’s cap-and-trade system with the understanding that agriculture would be exempt from the increased costs created by the nascent carbon emissions market. But more than a year into the landmark climate law, some farmers and those transporting their goods continue to pay more than they should at the gas pump. This is a […]
News
The costs of WA’s cap-and-trade law are just getting started
When the Legislature passed the Climate Commitment Act in 2021, the fiscal note for the law projected prices for carbon credits starting at $20 and increasing by a dollar or so a year. Instead, prices shot up in this year’s auctions, to more than three times that level. Washington’s carbon credits are selling for prices […]
Editorial: Who causes high fuel prices? Politicians need only look in mirror
A couple of months ago, Washington Gov. Jay Inslee famously said that oil companies alone are to blame for skyrocketing gasoline and diesel fuel prices in his state. “We want to give drivers relief. We want to go to the heart of this problem, which is the greed and avarice of oil companies, who are […]
Washington CO2 price jumps again, reaching 50 cents per gallon
The results of the latest auction of CO2 allowances were announced and the price continues to rise, increasing 12 percent above the amount from just three months ago. The price hit $63.03 per metric ton of CO2, which amounts to about 50 cents per gallon of gasoline and 61 cents per gallon for diesel. The […]
WA’s carbon-pricing auctions collect nearly $1.5 billion as allowances reach record price
The price of Washington’s carbon emission allowances reached an all-time high in the state’s fourth auction last week, with revenue from the program nearing $1.5 billion in its first year. The revenue has far outpaced early estimates, and now a group that helped advocate for and pass the legislation that created the carbon-pricing market is […]
More pricey carbon allowances sell amid pain at the pump
A special pool of carbon allowances was auctioned by the Department of Ecology last week and the results figure to pour figurative gasoline on the debate over the cap-and-trade system’s impact on the price of actual gasoline. This latest auction stems from the state’s Climate Commitment Act which caps the total amount of CO2 that […]
WA’s carbon-pricing program nears $1 billion in revenue, far outpacing early estimates
Washington’s latest auction of carbon-emission allowances raked in $62.5 million last week, with revenue from the state’s carbon-pricing program now nearing a billion dollars and far outpacing early estimates. The state Department of Ecology announced Wednesday the results of its special auction held last week because the previous quarterly auction in May exceeded a “trigger” […]
Let’s have an honest conversation about energy costs in WA
As lawmakers adopted the state’s Climate Commitment Act, the business community warned of the price increases it would levy on consumers. It’s simple economics: Raise prices on commodities upstream, and those increases get passed along the supply chain. Public testimony on the Climate Commitment Act, the Clean Energy Transformation Act and other greenhouse gas-reduction policies […]
Washington gas prices among highest in the nation due to taxes and new emissions program
WASHINGTON — Filling up your tank is more painful than it was just a month ago. … Drivers are paying nearly 50 cents a gallon in state and federal taxes. That’s the third highest rate in the country. Prices are also being boosted by a new program that went into effect this year which puts […]
Opinion | Kris Johnson: To lower gas prices, stop pointing fingers and start fixing climate act
It should come as no surprise to anyone that gas prices in Washington are going up. The Climate Commitment Act’s cap-and-trade program went into effect in January, and by June, our state had earned the dubious distinction of having the highest gas prices in the country for the first time ever. This is no coincidence. […]