Current:Home > StocksNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -ProfitEdge
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-17 15:57:17
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! (25938)
Related
- A Mississippi company is sentenced for mislabeling cheap seafood as premium local fish
- Tesla settles lawsuit over California crash involving autopilot that killed Apple engineer
- 'Romeo & Juliet' director slams 'barrage of racial abuse' toward star Francesca Amewudah-Rivers
- Eva Mendes' Brother Carlo Mendez Shares What She and Ryan Gosling Are Like as Parents
- This was the average Social Security benefit in 2004, and here's what it is now
- Gwyneth Paltrow's Son Moses Shows Off Uncanny Resemblance to Chris Martin in New 18th Birthday Photo
- Mercury feed into Diana Taurasi-Caitlin Clark rivalry, other WNBA teams prepare for Clark
- Retired Venezuelan general who defied Maduro gets over 21 years in US prison
- Paris Hilton, Nicole Richie return for an 'Encore,' reminisce about 'The Simple Life'
- On National Beer Day 2024, the US is drinking more Modelo than Bud Light as NA brews rise
Ranking
- McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
- Librarians fear new penalties, even prison, as activists challenge books
- A man accused of setting a fire outside Bernie Sanders’ office stayed at an area hotel for weeks
- 2 killed at Las Vegas law office; suspected shooter takes own life, police say
- Skins Game to make return to Thanksgiving week with a modern look
- The 2024 total solar eclipse captivates America: See stunning photos of the rare event
- If you’re retired or about to retire, think carefully about your tax strategy
- Deceased infant, injured child found alone on Los Angeles freeway, reports say
Recommendation
New Zealand official reverses visa refusal for US conservative influencer Candace Owens
New EPA rule says 218 US chemical plants must reduce toxic emissions that are likely to cause cancer
Maryland lawmakers say coming bill will clarify that feds fully pay for replacing Baltimore bridge
Appeals court rejects Donald Trump’s latest attempt to delay April 15 hush money criminal trial
Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'
Katt Williams cuts comedy show short by fight: Couple explains date night turned brawl
20 Secrets About Never Been Kissed That Are Absolutely Worth Waiting For
Wyoming’s Wind Industry Dodged New Taxes in 2024 Legislative Session, but Faces Pushes to Increase What it Pays the State