Gas prices sag as demand drops

June 12, 2024

Though other factors – such as the whims of OPEC – have greater impact on the whipsaw ups and downs of price points at the pump, customer demand is a factor too, as the current dip in prices proves. 

According to the AAA, depressed demand accounts for the dropping gas prices we’re seeing this month. 

Why does that matter, you ask?

It’s a glimpse of the future. As more and more of us reduce our use of gasoline (whether with EVs, hybrids, or even high-mileage gas burners), we collectively reduce the demand for gas in Washington, and that, in turn, reduces the price. It’s a win-win.

And yet another reason to celebrate the clean energy investments made possible by the Cap-and-Invest Climate Commitment Act. The CCA is delivering:

  • New, cleaner ferries
  • More public transportation
  • Safer bicycle infrastructure
  • Cheaper EVs and accessible charging infrastructure

State Sen. Marko Liias, chair of the Senate Transportation Committee, and State Rep. Jake Fey, chair of the House Transportation Committee, assert that repealing the CCA – whether via Legislative, Executive, or Initiative action – would “put transit service, ferries and road and bridge projects across Washington at risk of delay or even cancellation.”

“Our public investments have put shovels in the ground and skilled Washington workers to work with good family-wage jobs to make these road projects a reality.

A safe, reliable and connected transportation system reduces commute times, makes us safer, and powers our economy. Rolling back investments in road projects and highway preservation is short-sighted and bad policy. Sitting in traffic on clogged roads and highways isn’t just bad for our blood pressure and quality of life; it’s bad for our economy.”

Read more HERE.

The investments made possible by the Cap-and-Invest Climate Commitment Act serve to shift our economy away from polluting fossil fuels, reducing demand for oil and gas, and ultimately reducing the cost of driving for everyone – whether behind the wheel of an EV or a gas-guzzling Model-T. 

Breaking News:

Results of last week’s CCA carbon auction were announced today.

  • All 7.8 million current-vintage allowances sold out at $29.92, up $4.16 (16%) from March’s auction. A smaller volume of future-vintage allowances (“2027 Vintage”, 28% the volume of current-vintage) were offered but did not sell out in full (60% of those offered sold, at the price floor of $24.02). This smaller volume of future-vintage allowances are for later compliance deadlines – likely between November 2028 and November 2031. Future-vintages being available at lower prices is not new. Across 2023, future-vintages sold on average nearly $20 lower than the current-vintage prices.
  • Total revenue raised: $189M for the state-directed investment accounts and another $76M in consigned revenue, primarily for specified uses by natural gas utilities.
  • Click HERE for the full report from the Department of Ecology.

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