Anyone who maintains that Washington’s carbon credit mandate will have a minimal impact on consumers need only look at the results of the first auction. The take — $299.7 million — was 50% higher than the state had estimated.

Some 6.18 million carbon allowances sold for $48.50 each, the Department of Ecology announced one week after the auction. Ecology had estimated in January allowances would sell for about $32.

Ecology will hold three more auctions this year. If allowances stay at the current price, the auctions will take in nearly three times as much money this year as Ecology predicted in 2021. Lawmakers that year adopted cap-and-trade to reduce greenhouse gases and finance carbon-reduction programs.

“This is truly historic for Washington and for the global movement toward a low-carbon future,” Gov. Jay Inslee said in a statement.

While eliminating Washington’s carbon emissions will have a negligible effect on the global climate, the auctions will have a huge impact on state coffers and energy prices in Washington.

Energy generators and suppliers must acquire one allowance for every ton of carbon they emit. But, the auctions are open to anyone with the means, and private investors who hope to resell the credits at a profit on the secondary market were big players.

Each year the state will offer fewer credits for sale as it moves steadily to zero emissions. As the credits become more scarce, they will become more expensive on every market.

While the energy companies will pay the sellers, they aren’t going to absorb the expense as a cost of doing business.

“No matter how many times advocates promise, ‘the big oil companies will eat it,’ those of us who live in the real world know most of these additional costs will be passed on to the people, one way or another,” Sen. Drew MacEwen, R-Shelton, said.

Indeed, and the cost will be in the billions. Every dollar the state collects will come out of the pockets of Washingtonians.