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New regulations aimed at limiting carbon intensity in California’s fuels could limit the state’s ongoing decline in gasoline prices.
On Friday, in a meeting that lasted more than 12 hours, the California Air Resources Board approved the new measure by a vote of 12-2. Supporters said the new measure would help push California away from fossil fuels.
The plan would limit the carbon intensity of fuels by expanding a program enacted in 2011 that penalized refineries that produce high-carbon fuels such as diesel and gasoline. The new regulations will increase penalties and raise production prices.
CARB has previously talked about plans to move the state toward “carbon neutrality” by 2045.
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Last September, CARB estimated that the passed regulations could raise gas prices by 47 cents a gallon, but CARB officials don’t think prices will rise that much.
According to a report by Nexstar Media Group’s California State Conference Reporter Eitan Wallace, board member Eric Guerra said the measure “has no correlation to retail gasoline prices,” but that He called for monitoring gas trends.
“If something changes, we need to know what it is and be able to respond quickly,” Guerra said, noting that families across the state are feeling cost pressure.
As of Saturday, the average gas price in California was $4.51, according to AAA. The average price in October was $4.68, compared to $5.11 at this time last year.
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