Get out your wallets, Christmas shoppers! At 10 a.m. tomorrow, the California Air Resources Board will start auctioning carbon credits. (Not sure what the hell I'm talking about? Read this.)
The event comes six years after former Gov. Arnold Schwarzenegger signed AB32, the law that required California to lower its greenhouse gas emissions by 2020 to 1990 levels -- the equivalent of a 17 percent reduction.
"It's the largest carbon market in the United States, and the second largest in the world, behind the European Union," [CARB spokesman Stanley] Young said. …
The air board estimates the regulation will add 10 cents per gallon to the price of gas for every $10 per ton that industry pays for allowances. On Friday, the futures market pegged the price at $12 a ton, which could result in a 12-cent per gallon increase.