New York Governor Kathy Hochul Signs a Bill Imposing a $75 Billion Fine on Gas and Oil Companies Over Climate Change
New York Governor Kathy Hochul has signed a bill to fine gas and oil companies $75 billion for damaging the climate. From 2028, companies will start paying for the amount of greenhouse gases they produced between 2000 and 2018. It applies to large oil and gas companies that the state of New York believes have produced over 1 billion tons of greenhouse gases.
The amount will be spent towards climate change mitigation, including building new and adapting existing infrastructure, including roads, buildings, transit systems, and water and wastewater systems, to climate change.
Announcing the measure, Gov. Hochul said New Yorkers are “burdened with billions of dollars in health, safety, and environmental consequences due to polluters that have historically harmed our environment.”
She claimed that the “Climate Superfund” would hold polluters responsible for their actions by requiring them to invest in infrastructure and communities.
Democrat Senator Liz Krueger, who sponsored the bill alongside Assembly Member Jeffrey Dinowitz, said it would ensure major polluters “must pay their fair share to help regular New Yorkers deal with the consequences.” Sen. Krueger also noted that courts have previously avoided ruling on climate change matters, instead referring them to elected lawmakers.
“Well, the Legislature of the State of New York – the 10th largest economy in the world – has accepted the invitation, and I hope we have made ourselves very clear: the planet’s largest climate polluters bear a unique responsibility for creating the climate crisis, and they must pay their fair share to help regular New Yorkers deal with the consequences.”
She claimed that, by 2050, New Yorkers will be required to pay more than half a trillion dollars in “repairing from and preparing for extreme weather caused by climate change.” She estimated that each household would fork about $65,000, excluding the cost of “disruption, injury, and death” caused by climate change.
While the amount is intended to shift climate change recovery and adaptation costs from individual taxpayers to big fossil fuel companies, it only increases the taxpayers’ burden as the companies will pass the expense to consumers.
Additionally, it increases the cost of doing business, turning away potential investment from Democrat-run states, which pass similar measures. Recent Bureau of Labor Statistics data shows that Red states, with fewer regulations and taxes, far outdid Blue states on job creation.
New York, the second to pass such a measure countrywide after Vermont, was also among the bottom ten states on job creation. Vermont, which passed a similar measure this summer, was among the bottom five states on creation.
Earlier this year, New York passed another climate-related law, the first of its kind nationwide, banning fossil fuels from new buildings. It requires all new buildings less than seven stories to adopt all-electric heating and cooking by 2026, while taller buildings must comply by 2029.
However, it exempts restaurants, hospitals, manufacturing facilities, and carwashes. Nevertheless, New York’s rural communities, which largely depend on fossil fuels for heating and cooking, will be especially affected.
Time to vote her out before New York goes bankrupt
If I owned a oil and gas company I would just stop selling to that state, Maybe a month or two without gasoline for cars and no oil for whatever industry is there without fuel will stop the those people from making moronic laws.
These companies should be rewarded for supplying us with the “can’t do without” fuels.
Any negatives result from using these fuels to survive is part of mankind’s journey on earth.
Man will solve the energy issue by harnessing the sun one day, I mean harness the sun in an efficient manner
to power cities. It will happen but, in the meantime, schemes using fear to profit are raising $ Trillions and going into people’s pockets.
Petroleum companies need to stop doing business in these states. Just let their stupid governors collapse under the weight of their own stupidity!
First of all is it even legal to do that?
Second of all where does Hochul think that money will come from? The oil companies, yeah, right! They will merely raise prices to pay for it.
Thirdly, if I were an oil or gas company involved, I would close all of my facilities in that state, including gas stations, oil supply facilities, natural gas facilities, etc.
Let the population figure out how it will heat and fuel its economy without oil and gas companies.
See how long it would take to replace Hochul and her law!
Thats what I was thinking also
Or Just raise prices to compensate Let them pay 20.00 per gallon of gas
Absolutely. If I ran one of these companies I’d pull out immediately. Everybody in that state who works for me would be laid off and all equipment would be shut down and sold. Enjoy freezing idiots
PERFECT!
Yes…LET THEM JOIN THE FLOW OF BUSINESS BOTH SMALL AND BIG FLEEING NY
The corrupt NY state government is a piggy bank for the corruption of the democrat party. They’re going broke trying to keep their new voters fed, housed, free healthcare, releasing the felons among them and Cash Gift cards. Hochul is trying to fleece the oil companies again for a imaginary hoax to line their pockets with while increasing the price of energy on the very people this marxist says she’s trying help.. The lawsuits are coming now . Fast and furious.
If she uses their product then she is a hypocrite
They will probably sue to overturn the bill, but I would stop all sales immediately to the state.
So now, even Massapequa Park can come up with an ordnance to fine big oil for environmental damage? Cha CHING!!!!
Until I see water from the sea flooding the streets of Manhattan, I refuse to believe that Climate Change is causing any extra expenses that is being paid for by our government.
Climate of the world has and will always be changing
It just if you believe it is man made or not
How much is Al (I’ll) Gore (Bore) going to get ?
The Oil Companies should send her a certified letter stating that we are not paying Hochul’s illegal request to steal our assets, and effective immediately, we will no longer deliver oil and gas products of any kind to New York State
Just another scheme to get $$$ from the people that need fuel for heat, transportation and manufacturing.