Current:Home > FinanceNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -TradeCircle
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
Indexbit Exchange View
Date:2025-04-09 13:00:00
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! (936)
Related
- 'We're reborn!' Gazans express joy at returning home to north
- UN Report Says Humanity Has Altered 70 Percent of the Earth’s Land, Putting the Planet on a ‘Crisis Footing’
- Researchers Say Science Skewed by Racism is Increasing the Threat of Global Warming to People of Color
- Polaris Guitarist Ryan Siew Dead at 26
- Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
- A Florida Chemical Plant Has Fallen Behind in Its Pledge to Cut Emissions of a Potent Greenhouse Gas
- Rural Electric Co-ops in Alabama Remain Way Behind the Solar Curve
- Get a Mess-Free Tan and Save $21 on the Isle of Paradise Glow Clear Self-Tanning Mousse
- As Trump Enters Office, a Ripe Oil and Gas Target Appears: An Alabama National Forest
- Illinois Solar Companies Say They Are ‘Held Hostage’ by Statehouse Gridlock
Ranking
- Why members of two of EPA's influential science advisory committees were let go
- Climate Change is Spreading a Debilitating Fungal Disease Throughout the West
- Doctors are drowning in paperwork. Some companies claim AI can help
- Bill Gates on next-generation nuclear power technology
- Trump invites nearly all federal workers to quit now, get paid through September
- The loneliness of Fox News' Bret Baier
- The life and possible death of low interest rates
- A tech consultant is arrested in the killing of Cash App founder Bob Lee
Recommendation
Juan Soto praise of Mets' future a tough sight for Yankees, but World Series goal remains
How America's largest newspaper company is leaving behind news deserts
Inside Clean Energy: Natural Gas Prices Are Rising. Here’s Why That Helps the Cleanest (and Dirtiest) Electricity Sources
Behati Prinsloo Shares Glimpse Inside Family Trip to Paris With Adam Levine and Their 3 Kids
Will the 'Yellowstone' finale be the last episode? What we know about Season 6, spinoffs
Now on Hold, Georgia’s Progressive Program for Rooftop Solar Comes With a Catch
Michael Jordan's 'Last Dance' sneakers sell for a record-breaking $2.2 million
The one and only Tony Bennett