Gasoline prices to climb higher

The state held its special auction for CO2 allowances two weeks ago. When the results were announced, they indicated higher gas prices may be coming.

As part of the state’s new tax on CO2 emissions, known as the Climate Commitment Act, organizations that emit CO2, like BP or Washington State University, must purchase permits for every metric ton of CO2 emitted by their operations or products. There are a limited number of permits available. So, the price is set at an auction. Regular auctions for CO2 permits are held quarterly.

In May, the permit price was so high they triggered a special auct...

 

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