Current:Home > InvestNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -WealthSphere Pro
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-18 19:30:09
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! (95)
Related
- Highlights from Trump’s interview with Time magazine
- Tarte Cosmetics 24-Hour Flash Deal, Get $212 Worth of Makeup for Just $60
- UN says Africa faces unprecedented food crisis, with 3 in 4 people unable to afford a healthy diet
- Copa América draw: USMNT shares group with Uruguay, Panama
- Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
- The Surprising Reason Meryl Streep Almost Didn't Get Cast in The Devil Wears Prada
- Bloodshed, fear, hunger, desperation: Palestinians try to survive war’s new chapter in southern Gaza
- A small police department in Minnesota’s north woods offers free canoes to help recruit new officers
- A Mississippi company is sentenced for mislabeling cheap seafood as premium local fish
- This African bird will lead you to honey, if you call to it in just the right way
Ranking
- The Best Stocking Stuffers Under $25
- NCAA facing new antitrust suit on behalf of athletes seeking 'pay-for-play' and damages
- Hundreds of Slovaks protest the new government’s plan to close prosecutors office for top crimes
- The Best Family Gifts That Will Delight the Entire Crew This Holiday Season
- House passes bill to add 66 new federal judgeships, but prospects murky after Biden veto threat
- Charlie Sheen Reveals He's Nearly 6 Years Sober
- Israeli teen hostage freed by Hamas says her pet dog Bella was a huge help during captivity in Gaza tunnels
- Pantone's Color of the Year for 2024 Is Just Peachy & So Are These Fashion, Beauty & Decor Finds
Recommendation
Backstage at New York's Jingle Ball with Jimmy Fallon, 'Queer Eye' and Meghan Trainor
House censures Rep. Jamaal Bowman for falsely pulling fire alarm
Free toy store in Nashville gives families the dignity of choice while shopping for holiday gifts
Despite latest wave of mass shootings, Senate Democrats struggle to bring attention to gun control
New data highlights 'achievement gap' for students in the US
Unique ways Americans celebrate the holidays, from skiing Santas to Festivus feats
North Dakota Sen. Kevin Cramer's son in police chase that ends in deputy's death
University of Michigan launches new effort to fight antisemitism