Prices for air pollution allowances under Washington’s cap-and-trade law climbed again at the state’s first auction of the year. ….
It’s the second auction in a row where prices were up, following a slump before voters rejected a ballot measure last year that would have repealed the law. Prices last September fell below $30 after rising above $50 and even $60 in some cases the prior year. …
Todd Myers, vice president for research at the Washington Policy Center, a group that’s been critical of the law, said it’s not surprising that auction prices are rising given how the Climate Commitment Act is designed. “That’s the purpose of it,” he said. ….
Critics of the Climate Commitment Act argue it is hurting affordability by driving up prices for fuel and utilities. Washington Policy Center and the Western States Petroleum Association say that the program is adding about 40 cents to the cost of a gallon of gasoline and 50 cents for diesel. …
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