Gov. Michelle Lujan Grisham (D-NM) issued a press release on Feb. 3 praising the state Senate for its approval of Senate Bill 14.

The Clean Fuel Standard Act seeks to promote investment in clean energy by consolidating market forces in the clean energy sector.

“The Clean Fuel Standard Act will reduce the carbon intensity of transportation fuels, improving the health of our communities and quality of our air while increasing consumer fuel options and attracting new economic investments," Lujan Grisham said in the release. "We will be the very first state in the Southwest to implement a clean fuel standard, setting us ahead of the curve economically and environmentally.”

If a clean fuel standard were to be implemented, it would result in a reduction of roughly 18.5 million metric tons of carbon dioxide, which is the equivalent of removing 570,000 cars off the road for an entire year.

In order to comply with the clean fuel standard, companies that refine, mix, and import transportation fuels, such as gasoline and diesel, must reduce the carbon intensity of their fuels on an annual basis.

However, retailers of gasoline, such as gas stations, are exempt from a clean fuel standard, as studies conducted in states that currently have clean fuel standards in place have shown that the regulations have little or no effect on the price of gasoline at the pump.