Current:Home > MarketsNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -AlphaFinance Experts
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-13 17:42:53
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! (7)
Related
- Taylor Swift Eras Archive site launches on singer's 35th birthday. What is it?
- Taylor Swift could win her fifth album of the year Grammy: All her 2025 nominations
- 'Senseless': Tobias Dorzon, NFL player turned celebrity chef, shot in Maryland robbery
- Opinion: Trump win means sports will again be gigantic (and frightening) battleground
- Brianna LaPaglia Reveals The Meaning Behind Her "Chickenfry" Nickname
- Georgia Senate Republicans keep John Kennedy as leader for next 2 years
- NFL Week 10 picks straight up and against spread: Steelers or Commanders in first-place battle?
- Wife of southern Illinois judge charged in his fatal shooting, police say
- Connie Chiume, Black Panther Actress, Dead at 72: Lupita Nyong'o and More Pay Tribute
- Massive corruption scandal in Jackson, Miss.: Mayor, DA, councilman all indicted
Ranking
- Jury selection set for Monday for ex-politician accused of killing Las Vegas investigative reporter
- George Lopez Debuts Shockingly Youthful Makeover in Hilarious Lopez vs Lopez Preview
- NWSL playoff preview: Strengths, weaknesses, and X-factors for all eight teams
- Here's what you need to know to prep for Thanksgiving
- Shilo Sanders' bankruptcy case reaches 'impasse' over NIL information for CU star
- Monkeys still on the loose in South Carolina as authorities scramble to recapture them
- Kristin Cavallari and Ex Mark Estes Reunite at Nashville Bar After Breakup
- Building muscle requires a higher protein intake. But eating too much protein isn't safe.
Recommendation
Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
Powerball winning numbers for November 6 drawing: Jackpot rises to $75 million
California air regulators to vote on contentious climate program to cut emissions
Scam losses worldwide this year are $1 trillion. How to protect yourself.
What were Tom Selleck's juicy final 'Blue Bloods' words in Reagan family
Outer Banks Reveals Shocking Pregnancy in Season 4
Mikey Madison wanted to do sex work 'justice' in 'Anora.' An Oscar could be next.
Plea deals for 9/11 mastermind Khalid Sheikh Mohammed, accomplices are valid, judge says