Argus Low Carbon Fuel Standards (LCFS)
Overview
LCFS programs are designed to reduce the carbon intensity of on-road transportation fuels with an increasing range of renewable fuel alternatives. Fuel suppliers must blend biofuels or buy credits to comply with the annual targets. These credits can be banked, which helps with ensuring compliance in future years when targets become more stringent.
Fuels are issued carbon intensity scores based on lifecycle greenhouse gas (GHG) emissions:
- Fuels above targets — gasoline, diesel — generate deficits
- Low-carbon alternatives — including renewable diesel, renewable natural gas, sustainable aviation fuel, biodiesel and ethanol — generate credits
LCFS credits and deficits remain within the state where the fuels are used:
- California LCFS requires a 30pc cut in GHG emissions from a 2010 baseline by 2030.
- Oregon’s Clean Fuels Program requires a 20pc cut by 2030 and began work on a 50pc reduction target by 2040.
- Lawmakers intensified Washington's Clean Fuel Standard targets into the next decade.
- New Mexico in April 2026 began its Clean Transportation Fuel Program, requiring a 20pc reduction by 2030.
Our trusted, independent price references for all key LCFS credit programs help provide a transparent view to assess the cost of compliance, or to inform supply strategies by comparing credit opportunities in different markets.
Price assessment details
What are the advantages of the Argus LCFS price assessments?
Argus delivers clarity to market participants across North America with comprehensive coverage of key LCFS prices.
Spot credits in several US and Canadian markets are assessed, as well as four forward quarters for the California and Oregon markets.
Prices include ¢/USG premiums for ethanol, biodiesel and alternative jet fuel, and compliance costs for gasoline and diesel.
Argus LCFS assessments include:
- California LCFS credits
- Oregon LCFS credits
- Washington LCFS credits
- California,Oregon and Washington LCFS costs for gasoline, diesel
- New Mexico LCFS credits
- Canada CFR credits
- British Colombia LCFS
- Canada CFR cost for gasoline, diesel
- Canada CFR cost for marine gasoil
How are these assessments used?
Refiners, fuel importers and wholesalers attain compliance in the LCFS through credits generated by supplying low-carbon fuels. These can then be traded and banked, which will help in the coming years when targets become more stringent.
For renewable fuel producers, it is critical to see the LCFS assessments and compare the credit opportunities in different markets, while obligated parties need to understand their compliance obligations.
Where can you access these assessments?
Argus LCFS assessments are published in Argus Air Daily, our daily service delivering key prices and market analysis for all environmental markets. This service gives you access to renewable energy certificate pricing, California carbon allowance pricing, Washington allowance pricing and CSAPR pricing.
These assessments are also published in Argus Americas Biofuels, which delivers key prices and market analysis for all key biofuels, feedstocks and credits in the region to ensure you are fully informed on the latest key developments in the wider renewable fuels markets.
Explore our oil products reports
Key price assessments
Argus prices are recognised by the market as trusted and reliable indicators of the real market value. Explore some of our most widely used and relevant price assessments.