Current:Home > FinanceNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -Momentum Wealth Path
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
View
Date:2025-04-17 18:10:58
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! (71111)
Related
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- Mike Breen: ESPN laying off co-commentators Jeff Van Gundy, Mark Jackson 'was a surprise'
- Florida sheriff deputy jumps onto runaway boat going over 40 mph off coast, stops it from driving
- Lionel Messi scores 2 goals, overcomes yellow card and jaw injury as Inter Miami wins
- Sarah J. Maas books explained: How to read 'ACOTAR,' 'Throne of Glass' in order.
- Jonathan Majors' trial on assault and harassment charges begins in New York
- Mississippi ex-law enforcement charged with civil rights offenses against 2 Black men during raid
- Keep quiet, put down the phone: Bad behavior in blockbusters sparks theater-etiquette discussion
- Jamie Foxx reps say actor was hit in face by a glass at birthday dinner, needed stitches
- Pregnant Kourtney Kardashian Shares Glimpse Into Beachside Getaway With Travis Barker
Ranking
- NHL in ASL returns, delivering American Sign Language analysis for Deaf community at Winter Classic
- Veterans sue U.S. Defense and Veterans Affairs departments to get access to infertility treatments
- Federal jury acquits Louisiana trooper caught on camera pummeling Black motorist
- Review: 'Heartstopper' Season 2 is the beautiful and flawed queer teen story we need
- FACT FOCUS: Inspector general’s Jan. 6 report misrepresented as proof of FBI setup
- US Supreme Court Justice Jackson to speak at church bombing anniversary in Birmingham
- Assault trial for actor Jonathan Majors postponed until September
- The Hills' Whitney Port Says She Doesn't Look Healthy Amid Concern Over Her Weight
Recommendation
Senate begins final push to expand Social Security benefits for millions of people
Ashlee Simpson's Barbie-Themed Birthday Party For Daughter Jagger Is Simply Fantastic
Trump back in DC after 3rd indictment, a look at possible co-conspirators: 5 Things podcast
Kate Chastain Says This Made Her Consider Returning to Below Deck
Israel lets Palestinians go back to northern Gaza for first time in over a year as cease
Maine lighthouse featured in 'Forrest Gump' struck by lightning; light damaged
Man who allegedly fired shots outside Memphis Jewish school charged with attempted murder
Booksellers fear impending book selling restrictions in Texas