Current:Home > InvestNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -WealthGrow Network
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-13 08:53:46
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! (567)
Related
- EU countries double down on a halt to Syrian asylum claims but will not yet send people back
- 'Malcolm in the Middle’ to return with new episodes featuring Frankie Muniz
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- Whoopi Goldberg is delightfully vile as Miss Hannigan in ‘Annie’ stage return
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- Chuck Scarborough signs off: Hoda Kotb, Al Roker tribute legendary New York anchor
- Can Bill Belichick turn North Carolina into a winner? At 72, he's chasing one last high
- Federal appeals court upholds $14.25 million fine against Exxon for pollution in Texas
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- What were Tom Selleck's juicy final 'Blue Bloods' words in Reagan family
Ranking
- 'Most Whopper
- A Mississippi company is sentenced for mislabeling cheap seafood as premium local fish
- Where will Elmo go? HBO moves away from 'Sesame Street'
- 'No Good Deed': Who's the killer in the Netflix comedy? And will there be a Season 2?
- The Super Bowl could end in a 'three
- Opinion: Gianni Infantino, FIFA sell souls and 2034 World Cup for Saudi Arabia's billions
- DoorDash steps up driver ID checks after traffic safety complaints
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
Recommendation
Biden administration makes final diplomatic push for stability across a turbulent Mideast
Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
Intel's stock did something it hasn't done since 2022
The FTC says 'gamified' online job scams by WhatsApp and text on the rise. What to know.
Meta donates $1 million to Trump’s inauguration fund
Working Well: When holidays present rude customers, taking breaks and the high road preserve peace
Working Well: When holidays present rude customers, taking breaks and the high road preserve peace
Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15