Air board approves rule to raise gas prices, open new fuels market

By : bizjournals – excerpt

The California Air Resources Board doubled down on an oil regulation Friday that could raise the cost of gas by up to 13 cents a gallon over the next five years.

In doing so, the low-carbon fuel standard aims to expand markets for fuels like ethanol and biodiesel through blending them into gasoline. It also directs funding to transportation companies to offset the cost of replacing fleets with electric or natural gas vehicles…

“It will drive new technologies, not only in transportation fuel but in hybrid cars, electric cars and other means of transportation,” said Paul Koehler, spokesman for Sacramento-based Pacific Ethanol, who supports the standard… (more)

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