Current:Home > MyNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -Clarity Finance Guides
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-19 06:16:27
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! (264)
Related
- Meet first time Grammy nominee Charley Crockett
- N.C. Church Takes a Defiant Stand—With Solar Panels
- A Lesson in Economics: California School District Goes Solar with Storage
- Here's how much money Americans think they need to retire comfortably
- DoorDash steps up driver ID checks after traffic safety complaints
- North Carolina's governor vetoed a 12-week abortion ban, setting up an override fight
- U.S. Regulators Reject Trump’s ‘Multi-Billion-Dollar Bailout’ for Coal Plants
- A Lesson in Economics: California School District Goes Solar with Storage
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- Search for missing OceanGate sub ramps up near Titanic wreck with deep-sea robot scanning ocean floor
Ranking
- Kylie Jenner Shows Off Sweet Notes From Nieces Dream Kardashian & Chicago West
- What we know about the health risks of ultra-processed foods
- How Boulder Taxed its Way to a Climate-Friendlier Future
- Alex Murdaugh Indicted on 22 Federal Charges Including Fraud and Money Laundering
- Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
- Ophelia Dahl on her Radcliffe Prize and lessons learned from Paul Farmer and her youth
- In some states, hundreds of thousands dropped from Medicaid
- Beyoncé Honors Tina Turner's Strength and Resilience After Her Death
Recommendation
Mets have visions of grandeur, and a dynasty, with Juan Soto as major catalyst
The Moment Serena Williams Shared Her Pregnancy News With Daughter Olympia Is a Grand Slam
Amazon sued for allegedly signing customers up for Prime without consent
Your First Look at E!'s Black Pop: Celebrating the Power of Black Culture
'Most Whopper
A terminally ill doctor reflects on his discoveries around psychedelics and cancer
Offshore Drilling Plan Under Fire: Zinke May Have Violated Law, Senator Says
Niall Horan Teasing Details About One Direction’s Group Chat Is Simply Perfect