A mixture of carbon pricing, biofuels, vehicle electrification and other initiatives will be needed to effectively decarbonize the transportation industry, according to Fuels Institute Executive Director John Eichberger. The Fuels Institute released a report entitled “Impact of Transportation-Related Environmental Initiatives” in October that objectively compared the effectiveness and cost of different environmental initiatives and the impacts they have on energy consumers.

Phasing in carbon pricing would be the best way to reduce a shock to the economy, he said. According to previous research, Eichberger said that consumers get used to the price they are paying for gasoline as long as the changes in price are gradual.