Current:Home > InvestNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -Ascend Finance Compass
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-13 08:46:04
TRENTON, N.J. (AP) — It’s not an accident that “The Sopranos,” the quintessential show about New Jersey, opens with its main character driving past gasoline and oil storage tanks along the New Jersey Turnpike.
From the outskirts of New York to the Delaware River shoreline across from Philadelphia, New Jersey is home to numerous oil and natural gas facilities.
Those facilities would be charged fees to help the state fight the effects of climate change under a bill being considered in the state Legislature.
The measure, to be discussed Thursday in a state Senate committee, aims to create a Climate Superfund similar to the pot of money assembled by the federal government to clean up toxic waste by charging petroleum and chemical companies an extra tax to fund ongoing cleanups.
It’s a tactic being used or considered in numerous other states, including Vermont, which recently enacted such a law. New York, Maryland, Massachusetts and California are among states considering doing likewise.
“It’s more important than ever that Gov. Murphy and state legislators protect New Jersey taxpayers and the health of our communities by making polluters pay to repair, upgrade and harden our critical infrastructure from climate-driven damage,” said Matt Smith, New Jersey Director of the nonprofit Food & Water Watch.
New Jersey’s business lobby is already working against the bill. Ray Cantor, an official with the New Jersey Business and Industry Association, said the bill will accomplish nothing beyond raising the cost of gasoline for motorists, and gas and oil for home heating customers.
“There are many things wrong with the bill, beyond the fact that it seeks to impose a retroactive liability on companies that were providing a legal, necessary and vital product to the citizens of the state,” he said. “It’s unconstitutionally vague in assessments of costs, and will likely be preempted by federal law. It will do nothing to reduce greenhouse gas emissions or impact climate change.”
His criticism echoed that voiced by the oil and gas industries when Vermont’s bill became law in May.
The New Jersey bill “would establish that certain fossil fuel companies are liable for certain damages caused to the state and its residents by the harmful effects of climate change.”
The burning of fossil fuels including oil, gas and coal is a major contributor to climate change.
The proposal would impose as yet unspecified charges on fossil fuel producers that would go to the state Department of Environmental Protection, which would distribute the money as grants to pay for programs to adapt to climate change and make the state more resilient to severe weather.
The state would take two years to assess damages to New Jersey that have resulted from greenhouse gas emissions from the burning of fossil fuels since 1995, and would establish “that each responsible party is strictly liable” for those damages.
___
Follow Wayne Parry on X at www.twitter.com/WayneParryAC
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
veryGood! (1)
Related
- Meta donates $1 million to Trump’s inauguration fund
- ESPN announces layoffs as part of Disney's moves to cut costs
- The path to Bed Bath & Beyond's downfall
- The Fate of Protected Wetlands Are At Stake in the Supreme Court’s First Case of the Term
- Will the 'Yellowstone' finale be the last episode? What we know about Season 6, spinoffs
- The U.S. economy is losing steam. Bank woes and other hurdles are to blame.
- Well, It's Still Pride Is Reason Enough To Buy These 25 Rainbow Things
- Inside Clean Energy: Here Are 5 States that Took Leaps on Clean Energy Policy in 2021
- Hackers hit Rhode Island benefits system in major cyberattack. Personal data could be released soon
- The economics of the influencer industry
Ranking
- Toyota to invest $922 million to build a new paint facility at its Kentucky complex
- First raise the debt limit. Then we can talk about spending, the White House insists
- A South Florida man shot at 2 Instacart delivery workers who went to the wrong house
- Tucker Carlson Built An Audience For Conspiracies At Fox. Where Does It Go Now?
- Trump issues order to ban transgender troops from serving openly in the military
- Coal Mining Emits More Super-Polluting Methane Than Venting and Flaring From Gas and Oil Wells, a New Study Finds
- Inside Clean Energy: Here Are 5 States that Took Leaps on Clean Energy Policy in 2021
- The Chevy Bolt, GM's popular electric vehicle, is on its way out
Recommendation
Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
Senate Votes to Ratify the Kigali Amendment, Joining 137 Nations in an Effort to Curb Global Warming
Ecuador’s High Court Rules That Wild Animals Have Legal Rights
Fired Tucker Carlson producer: Misogyny and bullying 'trickles down from the top'
The 401(k) millionaires club keeps growing. We'll tell you how to join.
Forecasters Tap High-Tech Tools as US Warns of Another Unusually Active Hurricane Season
1000-Lb Sisters Star Tammy Slaton Mourns Death of Husband Caleb Willingham at 40
The ‘State of the Air’ in America Is Unhealthy and Getting Worse, Especially for People of Color