How Much Is Being Spent on Fossil Fuels in Massachusetts
NEEEC recently secured a consultant team to evaluate the amount of funds that are spent in Massachusetts on fossil fuels. This project was completed with an analysis of how much funding could be secured for assistance to the transition from fossil fuels to clean energy.
The details below show that a climate fee on fossil fuels between 1% and 3% could bring between $140 million and $420 million to implement the transition process outlined by NEEEC in the Initiatives section of our website.
The hope is that this fee could be introduced to fund the newly established Office of Energy Transformation in Massachusetts to help achieve the goal of transitioning our economy from fossil fuels to clean energy.
Total Cost ($) | |||
Fuel | 2022 | 2023 | |
Propane | $801,124,967 | $812,095,341 | |
Natural Gas | $2,552,338,503 | $2,594,171,738 | |
Distillate Fuel Oil | $2,531,168,848 | $2,307,451,262 | |
Motor Gasoline | $10,021,997,514 | $8,504,884,894 | |
SUM TOTAL | $15,906,629,832 | $14,218,603,235 |
1% Climate Fee 2023: | |
Propane | $8,120,953 |
Natural Gas | $25,523,385 |
Fuel Oil | $21,547,032 |
Gasoline | $84,884,058 |
Total per year: | $140,075,428 |
2% fee: | $224,959,486 |
3% fee: | $420,226,284 |