Get ready to pay price of I-2117 failure

The cost of a gallon of fuel may increase by 45 cents per gallon in the wake of the I-2117 failure.

The CO2 tax already jumped; it is set at auctions and on private markets when organizations covered by the law purchase allowances covering their emissions.

Immediately after voters decided to keep Washington’s tax on CO2 emissions, allowance prices on the private market jumped by more than 10% to about $57 per metric ton of CO2, according to the Carbon dashboard of Washington Carbon Allowances. This capped off an increase of more than $20/MT during the last 45 days leading up to the election.

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