Energy and economic professionals tell Fox News Digital that a New York state law that would require oil and gas companies to pay for waste could result in higher costs for working people in the state. New York Gov. The Climate Change Superfund Act, which seeks to fine companies up to$ 75 billion for waste dating back to 2000, was recently signed by Kathy Hochul. The money will presumably be used to finance projects that restore network that has been damaged by conditions over the years. Some economists claim that some New Yorkers will pay higher rates as a result of the bill’s attempt to fine large companies. Governor Hochul eventually acknowledges what energy advocates have long believed: adapting to a changing environment is the best way for humanity to prosper. By signing this bill, she’s properly endorsed that philosophy—though in the most counterproductive manner 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” Rather of incentivizing technology, this policy piles billions in new fees onto energy suppliers, punishing the very business that keeps the light and heat on for New Yorkers”, Isaac continued. The real tragedy is not just the higher energy costs for working people; it’s watching companies and citizens flee a condition that refuses to modify its own swollen plans to economic reality. ” The result may be higher energy costs for families, communities, and small companies in one of the most expensive state 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” .O. H. Skinner is the executive director of the Phoenix-based nonprofit Alliance for Consumers, which works to ensure that legal actions taken against consumers, class action lawsuits, and attorney general enforcement actions are in line with the rule of law. He is also a member of the Washington, D. C. based Federalist Society. The bill, according to Trump, is” the most recent attempt by left-wing politicians in New York to force everyone to abide by their preferred Progressive Lifestyle Choices.” This policy will only raise energy costs for hardworking Americans and lower our standard of living, according to Skinner, who remarked on Fox.” While progressive elites pat themselves on the back for punishing disfavored industries, this policy will do nothing.” Not a day goes by without the New York government implementing ESG policies that make their citizens ‘ lives worse, according to Consumers ‘ Research Executive Director Will Hild, whether it is charging citizens to drive into their own city, banning new gas appliances, or imposing a massive new tax that will likely significantly increase the cost of energy. David Webb, a contributor to Fox News, claimed that 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 guilt”, Webb told” Fox &, Friends First”, calling Hochul a “far left governor” that is “bound to this ideology” .However, proponents praised the legislation for requiring companies to pay for fossil fuel pollution in the state. The Governor signed the Climate Change Superfund Act, which. According to Richard Schrader, Director of New York Government Affairs at Natural Resources Defense Council, a nonprofit environmental organization,” Hochul is addressing the financial burden placed on New Yorkers by the fossil fuel companies.” It’s a prime example of what putting fiscal justice and environmental justice at the forefront of our conversation looks like. 38 companies, including US oil companies Exxon and Chevron, as well as Shell and BP, are reportedly responsible for the emissions. Vermont is the only other state to pass legislation that is comparable. The bill comes shortly after Hochul unveiled a plan to pay up to$ 840 to New York residents who switch out their washing machines for a green alternative.
Hochul’s companies pay bill could result in discriminatory expenses for working families: economists
