Cap and Tax Bill Could Add Over Two Dollars to the Cost of Gasoline

OLYMPIA, Wash. - A new study says the cap and tax bill passed by Democrats in the state Legislature over the weekend will add nearly two and a half dollars to the cost of a gallon of gas.

Senator Doug Ericksen says that means you should get ready for this figure, "$2.41. Most recent projections for this piece of legislation says that's what the impact will be per gallon of gasoline at the pump. $2.41 per gallon, every time you fill up your car with gasoline, because of this legislation."

Promoters of Senate Bill 5126 say that it will help the climate and reduce congestion on roads, while other argue that the bill will accomplish neither action and simply add more financial burdens to families across the state.

The bills create a system proponents hope will cap carbon pollution and greenhouse gas emissions.  SB 5126 allocates specific limits for individual businesses, according to a news statement. The bill mentions “25,000 metric tons of carbon dioxide equivalent.”

Businesses would have to purchase credits to exceed the allowed amount. If businesses were under the allowed amount, they could sell their unused carbon emissions to other firms. The overall pool of carbon credits is supposed to be gradually reduced by 2050, in order to hit a goal of net-zero emissions

The money collected would go toward projects that include, among other things, energy conservation, transportation and assistance for a transition to clean energy.

The measure is scheduled to take effect in January 2023, but only if lawmakers have approved a new transportation-spending package by then.