California Gas Prices Expected to Rise July 1 Amid New Taxes, Standards

Gasoline prices are set to rise significantly in California starting July 1 due to an increase in the state's excise tax and the implementation of a new Low Carbon Fuel Standard aimed at reducing carbon emissions. The excise tax will increase by 1.6 cents per gallon, while the Low Carbon Fuel Standard could add an estimated 5 to 65 cents per gallon, with experts predicting a more modest increase on the lower end. Several factors, including new state regulations, refinery closures, and potential geopolitical tensions, could drive prices up to $6 or even $8 per gallon by the end of 2026. California already has the highest gas prices in the U.S., and these new measures, supported by the state government, aim to encourage consumers to shift toward electric vehicles. Meanwhile, in Jamaica, gas and diesel prices are also rising sharply, with increases ranging from $0.95 to $4.50 per litre across various fuel types as announced by the state-owned refinery Petrojam. Additionally, U.S. gasoline demand has reached its highest level since December 2021, with product supplied rising to 9.6 million barrels per day, indicating strong consumption amid these pricing pressures.