Policy will be developed without legislative oversight or off-ramps to protect consumers.
Senate Bill 14 directs the New Mexico Environment Department to write a low carbon fuel standard (LCFS) that the Environmental Improvement Board will enact through new statewide regulation. Under this legislation, a new fiscal policy—that will impact New Mexico residents—will be developed without legislative oversight or off-ramps to protect consumers.
LCFS policies like SB 14 try to reduce the carbon intensity of transportation fuels by penalizing the production of certain fuels—like gasoline and diesel. The approach effectively taxes high carbon fuels and subsidizes lower carbon fuels. California’s LCFS today adds roughly 20 cents to the price of every gallon of gas sold to consumers in the state.
Gas prices have already increased by more than $1 a gallon compared to this time last year—now is not the time to be passing legislation to increase energy costs. Nothing in the New Mexico Clean Fuel Standard shields consumers from higher energy costs in the event the state economy has not fully recovered by 2024.
Act Now. Act Here.