Current:Home > FinanceNew Jersey, home to many oil and gas producers, eyes fees to fight climate change -Blueprint Money Mastery
New Jersey, home to many oil and gas producers, eyes fees to fight climate change
Surpassing View
Date:2025-04-07 22:37:16
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! (85611)
Related
- At site of suspected mass killings, Syrians recall horrors, hope for answers
- China’s declining aid to Pacific islands increasingly goes to allies, think tank reports
- Maine gunman Robert Card found dead after 2-day manhunt, officials say
- Steelers' Diontae Johnson rips refs after loss to Jaguars: 'They cost us the game'
- Arkansas State Police probe death of woman found after officer
- How does 'Billions' end? Axe falls on a rival. Your guide to the dramatic series finale
- The Nightmare Before Christmas Turns 30
- Horoscopes Today, October 29, 2023
- Appeals court scraps Nasdaq boardroom diversity rules in latest DEI setback
- Cyprus prepares for a potential increase in migrant influx due to the ongoing Israel-Hamas war
Ranking
- Gen. Mark Milley's security detail and security clearance revoked, Pentagon says
- Here's How Matthew Perry Wanted to Be Remembered, In His Own Words
- In 'The Holdovers,' three broken people get schooled
- Ex-cop who fired into Breonna Taylor’s apartment in flawed, fatal raid goes on trial again
- Brianna LaPaglia Reveals The Meaning Behind Her "Chickenfry" Nickname
- US consumers keep spending despite high prices and their own gloomy outlook. Can it last?
- Alice McDermott's 'Absolution' transports her signature characters to Vietnam
- China’s declining aid to Pacific islands increasingly goes to allies, think tank reports
Recommendation
San Francisco names street for Associated Press photographer who captured the iconic Iwo Jima photo
Two bodies found aboard migrant boat intercepted off Canary Island of Tenerife
Federal judge reimposes limited gag order in Donald Trump’s 2020 election interference case
In early 2029, Earth will likely lock into breaching key warming threshold, scientists calculate
The Super Bowl could end in a 'three
Ex-cop who fired into Breonna Taylor’s apartment in flawed, fatal raid goes on trial again
Iran arrests rights lawyer after she attended funeral for girl injured in mysterious Metro incident
Police in Texas could arrest migrants under a bill that is moving closer to approval by the governor