New York Democratic bill aims to impose fees Oil and gas companies Pollution could lead to regressive costs for the nation's working families, energy and economic experts tell Fox News Digital.
New York Governor Kathy Hochul recently signed the Climate Change Superfund Act, a bill that seeks to charge polluters up to $75 billion for pollution dating back to the period from 2000 to 2018. The money will reportedly be used to fund infrastructure rebuilding projects Infrastructure that has been damaged by weather over the years. .
While the bill seeks to impose fines on large companies, some economists say such measures will lead to higher prices for some companies New Yorkers.
“It is gratifying to see Governor Hochul finally recognizing what energy advocates have long understood: the best way for humanity to thrive is by adapting to a changing climate. By signing this bill, she has effectively endorsed this philosophy — despite “It's in the most counterproductive way possible,” Jason Isaacs, CEO and founder of the American Energy Institute, said in a statement shared with Fox News Digital.
Biden sets an economy-wide climate goal: reducing emissions by 66% in 2035 from 2005 levels.
New York Governor Kathy Hochul signed a bill to impose fees on “polluters” due to climate change. (John Lambarski)
“Instead of spurring innovation, this legislation piles billions in new costs on energy producers, penalizing the very industry that keeps New Yorkers light and warm,” Isaac continued. “The real tragedy here is not just rising energy costs for working families, but watching businesses and residents flee a country that refuses to adapt its bloated policies to economic reality.”
“The result will be higher energy costs for households, households and small businesses in one of the most expensive states to live in the country,” said Trisha Curtis, an economist at the American Energy Institute. “With no plan to address the broader economic consequences, this law will push people, businesses, and state revenues out of New York and into other, more competitive states.”
O. H. Skinner is Executive Director of the Consumers Alliance, a Phoenix-based nonprofit organization committed to ensuring that consumer protection efforts, class action lawsuits, and attorney general enforcement actions are consistent with the rule of law. He is also a member of the Federalist Society based in Washington, DC.
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Skinner called the bill “the latest attempt by New York's left-wing politicians to take away reliable energy production and force everyone to adhere to their preferred progressive lifestyle choices.”
“This policy will do nothing but raise energy prices for hard-working Americans and lower our standard of living, while progressive elites blame themselves for punishing unfavorable industries,” Skinner told Fox.
The sun rises on the skyline of Midtown Manhattan and the Empire State Building in New York City. (Gary Hirschhorn)
“Whether it's charging citizens a fee to enter their city, banning new gas appliances, or imposing a massive new tax that would dramatically raise energy prices, hardly a day goes by without New York government implementing ESG policies that make it a reality,” Weil said. Held, executive director of consumer research, says citizens' lives are quantitatively worse.
Fox News contributor David Webb said the bill “will cost New Yorkers.”
“If you work for an energy company, you're already guilty,” Webb told Fox & Friends First. “Over the next decade they'll decide how they're going to charge you for your guilt.” An “extreme left-wing ruler” who is “associated with this ideology.”
However, supporters praised the legislation because it requires companies to pay for fossil fuel pollution in the state.
“By signing the Climate Change Superfund Act, Governor Hochul addresses the financial burden that fossil fuel companies place on New Yorkers,” said Richard Schrader, director of New York government affairs at the Natural Resources Defense Council, an environmental nonprofit. “It is a prime example of what putting fiscal justice and environmental justice front and center looks like.”
Governor Kathy Hochul is up for re-election in 2026. (Lev Radin/Pacific Press/LightRocket)
In total 38 companies It is said to be considered a carbon pollutant It will be in trouble, as will the US oil giants Exxon and Chevron, as well as Shell and BP in the United Kingdom.
Vermont remains the only other state to adopt similar legislation.
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The bill comes just weeks after Hochul rolled out a plan to offer payments of up to $840 to New Yorkers who replaced their subscriptions. Washing machines For the green alternative.
