Current:Home > reviewsNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -TrueNorth Finance Path
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-17 14:46:38
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! (5)
Related
- Sam Taylor
- Summer camp lets kids be kids as vilifying immigration debate roils at home
- Georgia vs. Clemson highlights: Catch up on all the big moments from the Bulldogs' rout
- San Francisco 49ers rookie Ricky Pearsall released from hospital after shooting
- The Super Bowl could end in a 'three
- Are college football games on today? Time, TV, streaming for Week 1 Sunday schedule
- Klamath River flows free after the last dams come down, leaving land to tribes and salmon
- New York Fashion Week 2024: A guide to the schedule, dates, more
- Meet the volunteers risking their lives to deliver Christmas gifts to children in Haiti
- RFK Jr. sues North Carolina elections board as he seeks to remove his name from ballot
Ranking
- Senate begins final push to expand Social Security benefits for millions of people
- 49ers rookie Ricky Pearsall shot in attempted robbery in San Francisco
- American road cyclist Elouan Gardon wins bronze medal in first Paralympic appearance
- Brionna Jones scores season-high 26 points as Sun beats Storm 93-86
- This was the average Social Security benefit in 2004, and here's what it is now
- Look: Texas' Arch Manning throws first college football touchdown pass in blowout of CSU
- Mega Millions winning numbers for August 30 drawing: Did anyone win $627 million jackpot?
- NASCAR Cup race at Darlington: Reddick wins regular season, Briscoe takes Darlington
Recommendation
Retirement planning: 3 crucial moves everyone should make before 2025
Georgia arrests point to culture problem? Oh, please. Bulldogs show culture is winning
Fall in love with John Hardy's fall jewelry collection
Look: Texas' Arch Manning throws first college football touchdown pass in blowout of CSU
Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
College football Week 1 grades: Minnesota fails after fireworks fiasco
Small plane carrying at least 2 people crashes into townhomes near Portland, engulfs home in flames
Slash's stepdaughter Lucy-Bleu Knight, 25, cause of death revealed