Canada will soon announce the rules for its Clean Fuel Standard, which would encourage the use of low carbon fuels. A reference fuel (e.g., gasoline) has a wholesale price of 89 cents/L, and emits 2300 g of CO2(eq) per liter of fuel burned. Renewable Fuel A reduces life cycle GHG emissions by 30% relative to gasoline, and must be sold at $1.05/L to ensure profitability and investment. Renewable Fuel B reduces life cycle GHG emissions by 70% relative to gasoline, and must be sold at $1.15/L to ensure profitability and investment. The price of Canadas carbon tax on CO2 emissions is currently $50 per tonne of CO2(eq). Which of these renewable fuels could be cost competitive with gasoline, once the price/value of CO2 is considered? If a fuel is not competitive with gasoline, what value of the carbon tax would be needed for it to be competitive with gasoline? Comment on your results.