Current:Home > InvestNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -Financium
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-13 01:39:11
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! (8297)
Related
- Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
- CBS News says it will be up to Vance and Walz to fact-check each other in veep debate
- Minnesota reports rare human death from rabies
- Chicago White Sox lose record-breaking 121st game, 4-1 to playoff-bound Detroit Tigers
- McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
- House explosion that killed 2 linked to propane system, authorities say
- Reese Witherspoon's Son Tennessee Is Her Legally Blonde Twin in Sweet Birthday Tribute
- Kentucky Gov. Beshear seeks resignation of sheriff charged with killing judge
- A South Texas lawmaker’s 15
- NY judge denies governor’s bid to toss suit challenging decision to halt Manhattan congestion fee
Ranking
- Working Well: When holidays present rude customers, taking breaks and the high road preserve peace
- Jenna Dewan Shares Cheeky Message After Finalizing Channing Tatum Divorce
- Selling Sunset's Bre Tiesi Reveals Where She and Chelsea Lazkani Stand After Feud
- Shawn Johnson Reveals the Milestone 9-Month-Old Son Bear Hit That Nearly Gave Her a Heart Attack
- The Daily Money: Spending more on holiday travel?
- A TV reporter was doing a live hurricane report when he rescued a woman from a submerged car
- King Charles III mourns Maggie Smith after legendary British actress dies at 89
- North Carolina appeals court blocks use of university’s digital ID for voting
Recommendation
Sarah J. Maas books explained: How to read 'ACOTAR,' 'Throne of Glass' in order.
Meghan Trainor talks touring with kids, her love of T-Pain and learning self-acceptance
Jimmy Carter at 100: A century of changes for a president, the US and the world since 1924
Torrential rains flood North Carolina mountains and create risk of dam failure
Meta donates $1 million to Trump’s inauguration fund
CEO of hospital operator facing Senate scrutiny will step down following contempt resolution
Opinion: Learning signs of mental health distress may help your young athlete
Ready to race? The USA TODAY Hot Chocolate Run series is heading to 16 cities this fall