New York Takes Bold Steps Towards All-Electric Future with Gas Bans and 'Cap and Invest' Plan

The New York State budget has approved a "cap and invest" plan to reduce carbon emissions, which could increase gasoline prices by 62 cents per gallon and natural gas costs by 80%. Fuel producers will pay for their carbon emissions under the plan, and then pass that cost on to consumers. The plan aims to make polluters pay for emitting carbon and fund green energy programs. The state will release draft plans by 2024 for a limit on total carbon emissions allowed statewide and the potential number of carbon credits that companies could bid for instead of cutting their emissions.