Current:Home > MarketsNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -Elevate Money Guide
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
Chainkeen Exchange View
Date:2025-04-09 01:11:57
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! (9183)
Related
- Former Danish minister for Greenland discusses Trump's push to acquire island
- Hurricane Beryl death toll in Texas climbs to at least 36: Reports
- Harvey Weinstein hospitalized with COVID-19 and pneumonia
- Wildfire sparked by a burning car triples in size in a day. A 42-year-old man is arrested
- Global Warming Set the Stage for Los Angeles Fires
- Manhattan diamond dealer charged in scheme to swap real diamonds for fakes
- 7 additional Red Lobster restaurants have closed, bringing total to at least 106: See list
- Wreckage of schooner that sank in 1893 found in Lake Michigan
- US appeals court rejects Nasdaq’s diversity rules for company boards
- How many countries are participating in the 2024 Paris Olympics?
Ranking
- Cincinnati Bengals quarterback Joe Burrow owns a $3 million Batmobile Tumbler
- Will Lionel Messi play for Inter Miami during Leagues Cup? Here's what we know
- Gymnastics' two-per-country Olympics rule created for fairness. Has it worked?
- ‘El Mayo’ Zambada, historic leader of Mexico’s Sinaloa cartel, and son of ‘El Chapo’ arrested in US
- Person accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge
- Bird flu worries prompt changes to popular ‘Miracle of Birth Center’ at Minnesota State Fair
- Where RHOC's Gina Kirschenheiter Stands With Boyfriend Travis Mullen After He Moved Out of Her House
- Man charged in Porsche crash that left friend dead: 'I think I just killed my friend'
Recommendation
B.A. Parker is learning the banjo
2024 Olympics: Serena Williams' Daughter Olympia Is All of Us Cheering on Team USA
Why do dogs eat poop? Reasons behind your pet's behavior and how to stop it
Giannis Antetokounmpo being first Black Olympic flagbearer for Greece a 'huge honour'
Why we love Bear Pond Books, a ski town bookstore with a French bulldog 'Staff Pup'
'Percy Jackson' cast teases Season 2, cheers fandom: 'This show's hitting'
Judge in Trump’s civil fraud case says he won’t recuse himself over ‘nothingburger’ encounter
Sammy Hagar 'keeping alive' music of Van Halen in summer Best of All Worlds tour