Washington's Carbon Auction Raises Gas Prices by 45 Cents per Gallon

The Washington Department of Ecology's second quarterly auction of emissions allowances under the cap-and-trade program saw a 60% increase in money raised from $300 million to $480.5 million. The auction is part of the state's cap-and-trade program, which requires companies that emit greenhouse gases over a certain threshold to purchase allowances held during quarterly auctions. As a result of the latest auction, the program had added a total of $.45 cents per gallon to the price of gas and $.54 per gallon to the price of diesel.