SACRAMENTO, California — President Donald Trump is threatening California’s marquee carbon-trading program. But it’s in-state Democrats who are taking aim at the state’s other emissions market for transportation fuels.
Credit prices in California’s low-carbon fuels market dropped $4 per ton Tuesday morning on the recognition of a credible threat in SB 237, a bill introduced overnight that would cap prices instead of letting them rise as planned in service of encouraging refiners to sell more biofuels, electricity and other non-fossil fuels.
This isn’t some potshot from marginalized Republicans — it’s a bill from seven Democratic senators during the thick of the state’s legislative session, blessed by Senate President Pro Tem Mike McGuire.
“This critical legislation will reduce costs for drivers across the Golden State while continuing to move our climate and energy goals full steam ahead,” McGuire said in a statement.
