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In the final hours of the session, legislators adopted two costly climate policies – cap-and-trade and a low-carbon fuel standard – that will increase the cost of gasoline, electricity, and home heating starting in 2023.
When cap-and-trade is implemented in 2023, for an average family with two cars it will add about (per year):
- $340 in Seattle
- $390 in Spokane
- $395 in Bellevue
The low-carbon fuel standard will add another 1 or 2 cents per gallon in 2023 and increase to about 18 cents per gallon by 2031 using current prices.
Perhaps worst of all is that these policies are far more expensive and less effective than the alternative we proposed in December.
Here is my short video update on those two policies – the cost, the problems, and how special interests and government handouts were prioritized over effective climate policy.