DRIVERS in one US state will need to make an extra $1,000 to afford gas prices next year, an expert has warned. The surge in prices is set to be triggered by a move requiring gas stations to carry a more expensive blend fuel. From next year, gas stations in California will have to carry the new, cleaner fuel, approved by the state's Air Resources Board (CARB).
This change could see gas prices surge by up to $0.65 a gallon next year, and up to $0.85 by 2030, according to a study from the University of Pennsylvania.
A different study from Professor Michael A. Mische of the USC's Marshall School of Business, warns gas prices will go up by a slightly-lower $0.47 a gallon.
Mische predicts these rises will require Golden State drivers to pay an extra $222 to $449 a year for regular fuel, and more for premium. READ MORE ON GAS PRICES Drivers relying on fueling their vehicles with gas will have to make an extra $600 or even $1,000 in pre-tax income just to break even in 2025, he said, as reported by Los Angeles -based Fox affiliate, Fox11 . "The increase contributes to inflation, the high cost of living in California, and has a disproportionate and adverse impact on lower-income Californians," Mische wrote.
This comes after the CARB updated its low carbon fuel standard as part of California's efforts to increase access to cleaner fuels. California already has the highest average gas prices in the US, according to the World Population Review. Most read in Motors Regular gasoline is pr.