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10/9/2024 6:51:58 PM
Breaking News

California gas and electricity prices projected to continually increase


California gas and electricity prices projected to continually increase

(FOX40.COM)– – The cost of California gasoline and electricity costs could increase over the next few years, starting this spring, under proposed state regulations on fuels.

Gas in the Golden State is currently amongst the most expensive in the nation. As of Sunday, the country's typical cost per gallon is $3.35 while the cost in California sits at $4.83, according to AAA. Gas costs Californians more than it does for a lot of residents in other states, costs might get even heftier.

The California Air Resources Board launched a crucial report known as the standardized regulative effect assessment (SRIA) that highlighted the effects of changes to the state's Low Carbon Fuel Standards (LCFS) program that enter into effect this year.

The Low Carbon Fuel Standard is developed to "decrease the carbon intensity of California's transport fuel pool and provide an increasing variety of renewable and low-carbon options, which minimize petroleum reliance and achieve air quality benefits," according to the Air Resources Board. The objective of the proposed changes to the program is to deter gas and electric business from producing gasoline/diesel and to find cleaner alternatives outside of fossil fuels.

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" There are no direct regulative costs incurred by people as a result of the proposed amendments," California Air Resources said. "Businesses that sustain costs may hand down costs to customers, which could result in increased rates for gas and diesel."

The report tasks a boost in the cost of gas and electrical energy.

"Once the proposed changes are implemented in 2024, they are forecasted to possibly increase the rate of gas by approximately $0.37 per gallon," the report read.

That implies chauffeurs can expect rates at the pump to hit $5 a gallon by spring and constantly see an increase.

The report likewise revealed a prospective boost 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 costs in California are predicted to increase by $.52 per gallon, and from 2031 through 2046 the proposed modifications are predicted to raise gas costs by $1.15 per gallon.

The complete report can be read here.

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Elwood Hill
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Elwood Hill

Elwood Hill is an award-winning journalist with more than 18 years' of experience in the industry. Throughout his career, John has worked on a variety of different stories and assignments including national politics, local sports, and international business news. Elwood graduated from Northwestern University with a degree in journalism and immediately began working for Breaking Now News as lead journalist.

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