W|Carbon: Low Carbon Fuel Credits Refresh - June 2025
CA, OR, & WA Market Color, Fuel Credit Prices, & Volumes Updates
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Table of Contents
Key Takeaways 2
California LCFS Credit Price/Volume Update 4
Oregon CFS Credit Price/Volume Update 6
Washington CFS Credit Price/Volume Update 8
Contact Information & Disclosures 11
Key Takeaways (Abridged)
As California & Washington Credit Prices Taper, Oregon Increases For May 2025
California: LCFS credit prices averaged $58/MT in May, the lowest level of 2025 and a 9.4% decline from April’s $64/MT. On a year-over-year basis, prices remain 3.6% higher than May 2024’s $56/MT, reflecting a period of relative market stability after years of sharp declines since 2021. Meanwhile, proposed LCFS amendments are still...
LCFS Amendment Update: California’s LCFS amendments, adopted by CARB in late 2024, were initially disapproved by the Office of Administrative Law (OAL) in February 2025 due to clarity issues. CARB…
Oregon: Oregon CFP credit prices rebounded in May, averaging $65.35/MT, up 36% from April’s $47.98/MT and continuing a rally from the March low of $43.00/MT, nearly returning to late 2024 levels. Prices remain 16% higher year-over-year compared to May 2024, though April prices had been 59% lower on a y/y basis...
Washington: Washington CFS credit prices slipped to $25.83/MT in May, down 10% from April’s $28.86/MT, though still above the flat levels seen in Q1. Prices remain sharply lower year-over-year—off 56% from $59.33/MT in May 2024—continuing a broad downward trend seen through the first half of 2025. Credit volumes also…
WA CFS Proposed Amendment: The Washington State Department of Ecology has proposed amendments to the Clean Fuel Standard (CFS), with adoption expected by September 30, 2025, to further reduce transportation sector emissions and better align the program with California and Oregon. Key updates include…
W|Carbon Analysis: California and Washington credit prices continue to soften, driven by…
For access information, contact info@webberresearch.com or Webber Research Institutional Sales at walter.lobo@webberresearch.com or Subscribe below: