Air Board Approves Carbon Tax



The California Air Resources took the historic step of levying new state fees on companies that produce large amounts of greenhouse gases. According to the Chron, the effective carbon tax will raise about $63 million next year for monitoring and regulating greenhouse-gas emissions. The fees likely will be passed onto consumers, thereby raising utility bills. As a result, the new tax will mean that California for the first time will begin putting a cost on the potentially devastating effects of burning natural gas and coal, and thus will encourage consumers to use less energy. But while $63 million is a good start, it's still a long way from being an accurate assessment on the effects of burning fossil fuels.