Current:Home > StocksNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -Visionary Wealth Guides
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-13 13:19:53
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! (758)
Related
- See you latte: Starbucks plans to cut 30% of its menu
- Bradley Cooper defends use of prosthetic makeup in 'Maestro' role: 'We just had to do it'
- Snoop Dogg said he quit smoking, but it was a ruse. Here's why some experts aren't laughing.
- Live updates | Timing for the Israel-Hamas pause in fighting will be announced in the next 24 hours
- A White House order claims to end 'censorship.' What does that mean?
- Mega Millions winning numbers: Check your tickets for $287 million jackpot
- Broadcom planning to complete deal for $69 billion acquisition of VMWare after regulators give OK
- 'The whole place shimmered.' 'Dancing With the Stars' celebrates the music of Taylor Swift
- Buckingham Palace staff under investigation for 'bar brawl'
- Nordstrom Rack's Black Friday 2023 Deals Include Up to 93% Off on SPANX, Good American, UGG & More
Ranking
- Paris Hilton, Nicole Richie return for an 'Encore,' reminisce about 'The Simple Life'
- Feds push for FISA Section 702 wiretapping reauthorization amid heightened potential for violence
- Bill Cosby, NBCUniversal sued by actress on 'The Cosby Show' for alleged sexual assault, battery
- Wilcox Ice Cream recalls all flavors due to possible listeria contamination
- Arkansas State Police probe death of woman found after officer
- A Las Vegas high school grapples with how a feud over stolen items escalated into a fatal beating
- Authorities warn that fake HIV drugs are found in Kenya despite a crackdown on counterfeits
- 25 killed when truck overloaded with food items and people crashes in Nigeria’s north
Recommendation
See you latte: Starbucks plans to cut 30% of its menu
OpenAI says ousted CEO Sam Altman to return to company behind ChatGPT
The first Macy's Thanksgiving Day Parade featured live animals (bears and elephants)
Mega Millions winning numbers: Check your tickets for $287 million jackpot
B.A. Parker is learning the banjo
Truce deal raises hopes of freeing hostages in Gaza and halting worst Mideast violence in decades
How to watch the Geminids meteor shower
Elon Musk says X Corp. will donate ad and subscription revenue tied to Gaza war