A new law in New York aims to charge oil and gas companies for past pollution, but critics say it will lead to higher energy costs for residents and businesses.
A New York democratic bill aimed at charging oil and gas companies for pollution could result in regressive costs for working families in the state, energy and economic experts tell Fox News Digital. New York Gov. Kathy Hochul recently signed the Climate Change Superfund Act, a bill that seeks to charge polluters up to $75 billion for pollution dating from 2000 to 2018. The money will reportedly be used to fund projects rebuilding infrastructure damaged by weather over the years.
While the bill seeks to fine large corporations, some economists say that such actions will result in higher prices for some New Yorkers. 'It’s heartwarming to see Governor Hochul finally acknowledge what energy advocates have long understood: the best way for humanity to thrive is through adaptation to a changing climate. By signing this bill, she’s effectively endorsed that philosophy—though 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. BIDEN SETS ECONOMY-WIDE CLIMATE TARGET: REDUCING EMISSIONS 66% IN 2035 FROM 2005 LEVELS 'Instead of incentivizing innovation, this legislation piles billions in new costs onto energy producers, punishing the very industry that keeps the light and heat on for New Yorkers,' Isaac continued. 'The real tragedy here isn’t just the higher energy costs for working families; it’s watching businesses and residents flee a state that refuses to adapt its own bloated policies to economic reality.' 'The result will be higher energy costs for households, families, and small businesses in one of the most expensive states to live in the country,' Trisha Curtis, economist at the American Energy Institute, said. 'With no plan to address the broader economic consequences, this law will drive people, businesses, and state revenue out of New York and into other more competitive states.
CLIMATE CHANGE ENERGY COSTS POLLUTION ECONOMIC IMPACT NEW YORK
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