Current:Home > StocksNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -ProfitQuest Academy
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-11 16:05:18
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! (5121)
Related
- The Grammy nominee you need to hear: Esperanza Spalding
- A man is killed and an officer shot as police chase goes from Illinois to Indiana and back
- Do smartphone bans work if parents push back?
- Lady Gaga and Fiancé Michael Polansky's Venice International Film Festival Looks Deserve All The Applause
- The Daily Money: Spending more on holiday travel?
- Pregnant Cardi B Shuts Down Speculation She Shaded Nicki Minaj With Maternity Photos
- Food inflation: As grocery prices continue to soar, see which states, cities have it worse
- Derek Jeter to be Michigan's honorary captain against Texas
- 'No Good Deed': Who's the killer in the Netflix comedy? And will there be a Season 2?
- North Carolina court reverses contempt charge against potential juror who wouldn’t wear mask
Ranking
- How to watch the 'Blue Bloods' Season 14 finale: Final episode premiere date, cast
- US Open: No. 1 Jannik Sinner gets past Tommy Paul to set up a quarterfinal against Daniil Medvedev
- Pregnant Cardi B Shuts Down Speculation She Shaded Nicki Minaj With Maternity Photos
- Derek Jeter to be Michigan's honorary captain against Texas
- What to know about Tuesday’s US House primaries to replace Matt Gaetz and Mike Waltz
- How Mia Farrow Feels About Actors Working With Ex Woody Allen After Allegations
- Sephora 24-Hour Flash Sale: 50% Off Ashley Graham's Self-Tanner, Madison LeCroy's Eye Cream & More Deals
- Missouri officer dies after crashing into a tree during high speed chase
Recommendation
Sam Taylor
Hundreds of ‘Game of Thrones’ props are up for auction, from Jon Snow’s sword to dragon skulls
Iga Swiatek and Daniil Medvedev, two former US Open champions, advance to quarterfinals
Murder on Music Row: Predatory promoters bilk Nashville's singing newcomers
Travis Hunter, the 2
Judge Mathis Addresses Cheating Rumors Amid Divorce From Linda Mathis
Aaron Judge home run pace: Tracking all of Yankees slugger's 2024 homers
Could a lunar Noah's Ark preserve species facing extinction? These scientists think so.