Brad Close President | NFIB New Mexico
Brad Close President | NFIB New Mexico
Senate Bill 14 proposes that the New Mexico Environment Department draft a low carbon fuel standard (LCFS), which will be enacted by the Environmental Improvement Board as a new statewide regulation. This bill would introduce a fiscal policy impacting New Mexico residents without legislative oversight or measures to protect consumers.
The LCFS policies, such as those proposed in SB 14, aim to reduce the carbon intensity of transportation fuels by penalizing the production of certain fuels like gasoline and diesel. This approach effectively taxes high-carbon fuels while subsidizing lower-carbon alternatives. For instance, California's LCFS currently adds about 20 cents per gallon to consumer gas prices.
Currently, gas prices have increased by more than $1 per gallon compared to last year. The legislation does not include provisions in the New Mexico Clean Fuel Standard to shield consumers from potential higher energy costs if the state economy has not fully recovered by 2024.
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