December 3, 2022

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Gavin Newsom’s Gas Price Premium

1 min read

Cash-strapped Americans have received relief from falling gas prices in recent weeks, but not Californians. The average gas price in the Golden State this week surged to $6.29 a gallon—$2.50 more than the national average—and the reasons are worth distilling since Gov. Gavin Newsom wants to export the state’s energy policies nationwide.

California gas prices have long been higher than the national average owing to hefty fuel taxes and climate regulations, but the difference now is the largest in at least two decades. Taxes add about 66 cents to the price of a gallon, about twice as much on average as other states. California’s cap-and-trade program and low-carbon fuel standard add roughly another 46 cents a gallon.



2022-09-30 18:51:00

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