Current:Home > MarketsNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -WealthMindset Learning
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-16 14:50:16
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! (6)
Related
- Billy Bean was an LGBTQ advocate and one of baseball's great heroes
- Elon Musk addresses Twitter staff about free speech, remote work, layoffs and aliens
- Encore: Look closely at those white Jaguars in San Francisco — no drivers!
- EU law targets Big Tech over hate speech, disinformation
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- Researchers explore an unlikely treatment for cognitive disorders: video games
- Nearly 400 car crashes in 11 months involved automated tech, companies tell regulators
- COMIC: How a computer scientist fights bias in algorithms
- NCAA hands former Michigan coach Jim Harbaugh a 4-year show cause order for recruiting violations
- Afghanistan's women protest as U.N. hosts meeting in Doha on how to engage with the Taliban
Ranking
- DoorDash steps up driver ID checks after traffic safety complaints
- Lukas Gage Reveals Mom's Surprising Reaction to Racy White Lotus Scene With Murray Bartlett
- The EU will require all cellphones to have the same type of charging port
- Death of Khader Adnan, hunger-striking Palestinian prisoner in Israel, sparks exchange of fire with Gaza Strip
- 'No Good Deed': Who's the killer in the Netflix comedy? And will there be a Season 2?
- Family Feud Contestant Arrested and Charged With Murdering Estranged Wife
- There's a new plan to regulate cryptocurrencies. Here's what you need to know
- DeLorean is back (to the future) with an electric car, and some caveats
Recommendation
Jamaica's Kishane Thompson more motivated after thrilling 100m finish against Noah Lyles
King Charles III's coronation: The schedule and how to watch the ceremony as Britain's monarch is crowned
Matthew McConaughey and Woody Harrelson Are Saying Alright, Alright, Alright to Another TV Show
Netflix lost viewers for the 1st time in 10 years, says password sharing is to blame
Bet365 ordered to refund $519K to customers who it paid less than they were entitled on sports bets
The rocky road ahead for startups
The Sweet Way Chrissy Teigen and John Legend’s Daughter Luna Is Taking Care of Baby Sister Esti
Twitter CEO addresses employees worried about Elon Musk's hostile takeover bid