Williams Companies CEO Alan Armstrong discusses what a Trump presidency means for oil and gas on ‘The Claman Countdown.’
California drivers may soon see a hike in gas prices after state regulators approved tougher standards for reining in climate emissions.
The California Air Resources Board (CARB), which comprises board members appointed by Gov. Gavin Newsom and the Democrat-controlled legislature, voted Friday to update the Golden State’s Low Carbon Fuel Standards (LCFS).
The board says the updates are aimed at increasing cleaner fuel and transportation options for California drivers, and accelerating zero-emission infrastructure – all of which are part of the state’s broader aims to be carbon-neutral by 2045.
CARB Chair Liane Randolph said the new policy “strikes a balance between reducing the environmental and health impacts of transportation fuel used in California and ensuring that low-carbon options are available as the state continues to work toward a zero-emissions future.”
OIL PRICES PLUNGE AFTER ISRAEL’S LIMITED RETALIATORY ATTACK ON IRAN
Gas prices are pointing up at a gas station in Sherman Oaks on Wednesday, May 22, 2024. (Brian van der Brug / Los Angeles Times via Getty Images / Getty Images)
FOX Business previously reported on Republican state lawmakers who had urged the board to delay the vote after an independent finding showed it could increase the cost at the pump per gallon by 47 cents.
FILE: A sign shows gasoline fuel prices above average at over seven and approaching eight dollars a gallon at a Shell gas station in Los Angeles, California, on October 5, 2023. (PATRICK T. FALLON/AFP via Getty Images / Getty Images)
California’s nonpartisan Legislative Analyst’s Office has forecasted that drivers could be paying up to 20 cents per gallon should the board approve the new plans. Republican Assemblyman Tom Lackey has warned that gas prices would increase by as much as 65 cents per gallon.
US OIL INDUSTRY TROLLS KAMALA HARRIS’ FRACKING FLIP-FLOP FLIP-FLOP: ‘GOT IT?’
Ahead of Friday’s vote, Republican Assemblyman Tom Lackey urged the board not to pass the new policy.
A sign shows gasoline fuel prices above average at over seven and approaching eight dollars a gallon at a Mobil gas station in Los Angeles, California, on October 5, 2023. (PATRICK T. FALLON/AFP via Getty Images / Getty Images)
“Our finances are stretched very thin. Many of us are already charging basic necessities on our credit cards. Please don’t drive us into bankruptcy,” Lackey said in public comments. “I ask you to not approve this rulemaking and find other alternatives that won’t cost us so much.”
CLICK HERE TO GET FOX BUSINESS ON THE GO
A spokesperson for CARB told FOX Business that the new policy updates do not add any type of surcharge to fuel. The spokesperson said any impact on consumers will ultimately be determined by how fuel providers choose to pass down costs to consumers.
“We are not aware of an economic model that allows us to predict with any certainty what fuel prices will be. But there is nothing about this program that sets off any set price increases,” CARB said. “In fact, our data shows that over the next 20 years, the approved amendments will save Californians more than 40% of fuel costs, while cleaning the air and mitigating the costly and devastating impacts of climate change.”
Credit: Source link
