Gas prices in California to go up July 1

WALNUT CREEK, Calif. (KRON) — Gasoline prices in California are set to rise on July 1 due to an increase in excise tax and the implementation of a new low carbon fuel standard.

Currently, drivers pay 59.6 cents per gallon in excise tax, which will increase to 61.2 cents per gallon next week. Additionally, the new low carbon fuel standard aims to reduce carbon emissions by requiring refineries to produce cleaner fuel.

While there is speculation that the low carbon fuel standard could raise prices by as much as 65 cents per gallon, industry analysts believe this is unlikely. They expect the increase to be more modest, likely between 5 to 10 cents per gallon, in addition to the new excise tax.

Experts cite factors such as oil prices, market forces, and refinery operations as reasons why the low carbon fuel standard price hike may not reach the speculated 65 cents.

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