Summary
Millions of Americans may face higher gas prices, according to a memo suggesting significant impacts due to New York's climate mandates. The state aims to reduce emissions, but this could result in increased costs for households. Governor Kathy Hochul is reassessing the state's climate commitments to address both clean energy goals and rising energy costs.
Key Facts
- New York climate mandates may cause gas prices to rise by $2.23 per gallon over the next five years.
- The potential cost increase for New York households could be around $2,300 annually.
- Upstate households in New York might see an additional $4,100 in annual energy costs.
- The state adopted emissions-reduction targets under the Climate Leadership and Community Protection Act in 2019.
- New York aims to cut emissions to 40% below 1990 levels by 2030 and 85% by 2050.
- The plan also requires New York’s electricity grid to be 100% carbon-free by 2040.
- Governor Hochul indicated that compliance with the plan could cost New Yorkers "an additional $3,500 a year."
- The memo describes achieving the plan's energy goals as "infeasible today."
