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23.08.2016 09:00    Comments: 0    Categories: Press Releases      Tags: air resource board  gas tax  cap and trade  

Instead of benchmarking a price ceiling and letting it rise with inflation, the California Air Resources Board has proposed compounding each annual increase by another 5%. The effect would be that by 2030, the price ceiling would increase by an additional 60%.

The difference in 2018 dollars is a 2030 price ceiling of about $100 per ton of greenhouse emissions, compared to $60 without this adder.

A $40 difference is the equivalent of a 36-cent increase in a gallon of gasoline and double-digit increases in natural gas and electricity rates.

These increases are on top of the costs already assumed under an unadorned cap-and-trade regime, which already anticipates, by 2030, adding more than 50 cents a gallon to gasoline, and hiking utility bills by more than 25%.

 

Read the full artictle from Cal Chamber Allen Zaremberg

 

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