Current:Home > StocksNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -Wealth Evolution Experts
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-15 00:59:04
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! (26658)
Related
- 'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all
- What helps with nausea? Medical experts offer tips for feeling better
- What time does 'Jeopardy Masters' air? A trivia lover's guide to the tournament
- Grizzly bears coming back to Washington state as some decry return of 'apex predator'
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- Powerball winning numbers for May 1: Jackpot rises to $203 million with no winners
- Pro-Palestinian protests reach some high schools amid widespread college demonstrations
- Reports: Ryan Garcia tested positive for banned substance weekend of fight with Devin Haney
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- Alaska Senate passes budget differing from House version with roughly $1,580 payments to residents
Ranking
- Costco membership growth 'robust,' even amid fee increase: What to know about earnings release
- Sword-wielding man charged with murder in London after child killed, several others wounded
- Chris Hemsworth thinks 'Thor: Love and Thunder' was a miss: 'I became a parody of myself'
- Critics question if longtime Democratic congressman from Georgia is too old for reelection
- Nearly 400 USAID contract employees laid off in wake of Trump's 'stop work' order
- Exxon Criticized ICN Stories Publicly, But Privately, Didn’t Dispute The Findings
- Fire severely damages a Los Angeles County fire station
- A man is charged with causing a car crash that killed an on-duty Tucson police officer in March
Recommendation
Paige Bueckers vs. Hannah Hidalgo highlights women's basketball games to watch
Historic Agreement with the Federal Government and Arizona Gives Colorado River Indian Tribes Control Over Use of Their Water off Tribal Land
Duane Eddy, twangy guitar hero of early rock, dead at age 86
Alex Pietrangelo's bad penalty proves costly as Stars beat Golden Knights in Game 5
South Korea's acting president moves to reassure allies, calm markets after Yoon impeachment
Yankees vs. Orioles battle for AL East supremacy just getting started
Advocates say Supreme Court must preserve new, mostly Black US House district for 2024 elections
Why Pregnant Stingray Charlotte Is Sparking Conspiracy Theories