California gas and electricity prices projected to continually increase
(FOX40.COM)– The price of California gasoline and electricity prices could skyrocket over the next few years, beginning this spring, under proposed state regulations on fuels.
Gas in the Golden State is already among the most expensive in the nation. As of Sunday, the country’s average price per gallon is $3.35 while the cost in California sits at $4.83, according to AAA. Although gas costs Californians more than it does for most residents in other states, prices could get even heftier.
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The California Air Resources Board released a key report known as the standardized regulatory impact assessment (SRIA) that highlighted the impacts of amendments to the state’s Low Carbon Fuel Standards (LCFS) program that go into effect this year.
The Low Carbon Fuel Standard is designed to “decrease the carbon intensity of California’s transportation fuel pool and provide an increasing range of low-carbon and renewable alternatives, which reduce petroleum dependency and achieve air quality benefits,” according to the Air Resources Board. The goal of the proposed amendments to the program is to deter gas and electric companies from producing gasoline/diesel and to find cleaner alternatives outside of fossil fuels.
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“There are no direct regulatory costs incurred by individuals as a result of the proposed amendments,” California Air Resources said. “Businesses that incur costs may pass on costs to consumers, which could result in increased prices for gasoline and diesel.”
The report projects an increase in the cost of gas and electricity.
“Once the proposed amendments are implemented in 2024, they are projected to potentially increase the price of gasoline by an average of $0.37 per gallon,” the report read.
That means drivers can expect prices at the pump to hit $5 a gallon by spring and continually see an increase.
The report also revealed a potential increase in the price of diesel by an average of $0.47 per gallon, and fossil jet fuel by $0.35 per gallon. By 2026, average gas prices in California are projected to increase by $.52 per gallon, and from 2031 through 2046 the proposed amendments are projected to raise gas prices by $1.15 per gallon.
The full report can be read here.
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