Current:Home > NewsNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -Wealth Pursuit Network
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
SignalHub Quantitative Think Tank Center View
Date:2025-04-10 15:15:59
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! (72)
Related
- Buckingham Palace staff under investigation for 'bar brawl'
- Saudi Arabia’s Solar Ambitions Still Far Off, Even With New Polysilicon Plant
- Oversight Committee subpoenas former Hunter Biden business partner
- Many ERs offer minimal care for miscarriage. One group wants that to change
- Meet the volunteers risking their lives to deliver Christmas gifts to children in Haiti
- Olympic medalist Tori Bowie died in childbirth. What to know about maternal mortality, eclampsia and other labor complications.
- Take a Bite Out of The Real Housewives of New York City Reboot's Drama-Filled First Trailer
- Miami police prepare for protesters outside courthouse where Trump is being arraigned
- McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
- Trump ready to tell his side of story as he's arraigned in documents case, says spokesperson Alina Habba
Ranking
- The FTC says 'gamified' online job scams by WhatsApp and text on the rise. What to know.
- Debunking Climate Change Myths: A Holiday Conversation Guide
- Tabitha Brown's Final Target Collection Is Here— & It's All About Having Fun in the Sun
- Get Budge-Proof, Natural-Looking Eyebrows With This 44% Off Deal From It Cosmetics
- Kylie Jenner Shows Off Sweet Notes From Nieces Dream Kardashian & Chicago West
- 7 tiny hacks that can improve your to-do list
- Rihanna, Kaley Cuoco and More Stars Celebrating Their First Mother's Day in 2023
- The FDA no longer requires all drugs to be tested on animals before human trials
Recommendation
'Survivor' 47 finale, part one recap: 2 players were sent home. Who's left in the game?
Solar Acquisition Paying Off for Powertool Giant Hilti
The FDA finalizes rule expanding the availability of abortion pills
Amazon is using AI to summarize customer product reviews
Taylor Swift Eras Archive site launches on singer's 35th birthday. What is it?
More than half of employees are disengaged, or quiet quitting their jobs
California’s Wildfire and Climate Change Warnings Are Still Too Conservative, Scientist Says
Mayor Eric Adams signs executive order protecting gender-affirming care in New York City