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50% drop in WA Gov. Jay Inslee “cap and invest” permit auction

Gas prices at Tukwila. Wash. station. File photo: Jan. 2023

The price fossil fuel companies are willing to pay to emit carbon in Washington took a nose dive this week, when auction permit prices were announced on March 13, 2024. Washington Policy Center’s environmental policy director, Todd Myers, tells KVI that the March 2024 auction permit price was $25.76 per metric ton. In December, the price as $51.89.

To listen to the on-air discussion about the abrupt drop in carbon emissions permit prices click on the play button below.

Myers proceeded to tell KVI that the drastic drop in auction prices–sometimes called ‘allowances’ to emit carbon–is because investors who buy those permits to emit carbon believe that I-2117, which was approved by the Secretary of State’s office, will repeal the auction requirement when it’s up for a vote in the November 5, 2024 general election.

Myers says that the $51.89 per metric ton auction price that was paid in December 2023 equates to roughly a $0.42 per gallon increase for drivers at the gas pump. Myers said he was uncertain how quickly the 50% reduction in auction permit costs would appear as lower gas prices at the pump in Washington.

Information on what I-2117 would do is linked here.



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