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A New York Democratic bill aimed at charging oil and gas companies because pollution could result in regressive costs for the state’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 aims to charge polluters up to $75 billion for pollution dating from 2000 to 2018. The money will be used to fund reconstruction projects of infrastructure damaged by the weather over the years. .
While the bill seeks to fine large corporations, some economists say such actions will lead to higher prices for some. new york.
“It’s heartwarming to see Governor Hochul finally recognize what energy advocates have long understood: the best way for humanity to thrive is by adapting to a changing climate. By signing this bill, he has supported indeed that philosophy, albeit in the most counterproductive way possible,” Jason Isaac, CEO and founder of The American Energy Institute, said in a statement shared with Fox News Digital.
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New York Governor Kathy Hochul signed a bill to charge “polluters” for climate change. (John Lamparski)
“Instead of encouraging innovation, this legislation piles billions in new costs on energy producers, punishing the very industry that keeps the lights and heat on for New Yorkers,” Isaac continued. “The real tragedy here isn’t just rising energy costs for working families; it’s watching businesses and residents flee a state that refuses to adjust its own bloated policies to economic reality.”
“The result will be higher energy costs for homes, families 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 drive people, businesses and state revenues out of New York and into other, more competitive states.”
OH Skinner is the executive director of the Alliance for Consumers, 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 drive reliable energy production out of existence and force everyone to respect 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 turn their backs on punishing disadvantaged industries,” Skinner said in Fox.
The sun rises over the Midtown Manhattan skyline and the Empire State Building in New York City. (Gary Hershorn)
“Whether it’s charging citizens to drive in their own city, banning new gas appliances or imposing a massive new tax aimed at significantly raising the price of energy, hardly a day goes by that the government of New York does not implement ESG policies that make its citizens’ lives quantifiably worse,” said executive director of consumer research Will Hild.
Fox News contributor David Webb said the bill will “cost New Yorkers.”
“If you’re an energy company, you’re already guilty. They’re just going to decide over the next decade how they’re going to charge you for your fault,” Webb said on “Fox & Friends First,” calling out Hochul. a “far-left governor” who is “tied to this ideology”.
However, advocates praised the legislation for making companies pay for fossil fuel pollution in the state.
“By signing the Climate Change Superfund Act, Governor Hochul is addressing 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 organization. not for profit “It’s a key example of what it looks like to put tax equity and environmental justice at the forefront.”
Governor Kathy Hochul is running for re-election in 2026. (Lev Radin/Pacific Press/LightRocket)
In total, 38 companies it has been considered a carbon pollutant will be on the hook, as will US oil giants Exxon and Chevron, as well as Britain’s Shell and BP.
Vermont remains the only other state to adopt similar laws.
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The bill comes just weeks after Hochul launched a plan to offer payments of up to $840 to New Yorkers who switch their washing machines for a green alternative.
