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https://www.foxnews.com/politics/hochul-signs-bill-charge-oil-gas-firms- 75b-critics-say-customers-really-foot-tab

Today New York Governor Kathy Hochul signed into law the Climate Change Superfund Act, which will charge oil and gas firms an estimated $75
billion over the next 25 years. The controversial measure, sponsored by
Senator Liz Krueger and Assembly Member Jeffrey Dinowitz, is modeled on
federal and state superfund laws, which charge firms accused of pollution.

While environmental groups heralded the legislation, business groups
argued that it will increase the cost of doing business in the state and
that consumers will ultimately bear the brunt in terms of higher energy
prices.

"The Climate Change Superfund Act is now law," said Senator Krueger. "Too
often over the last decade, courts have dismissed lawsuits against the oil
and gas industry by saying that the issue of climate culpability should be decided by legislatures. 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."

However, critics have deemed the bill impractical and contend that it will
be subject to protracted legal challenges.

"What would you have them do? Not sell fuel in New York State," said Ken Pokalsky, vice president of the New York State Business Council.

A group of business and industry leaders also lambasted the measure: "This legislation is bad public policy that raises significant implementation questions and constitutional concerns. Moreover, its $75 billion price tag
will result in unintended consequences and increased costs for households
and businesses."

However, Gov. Hochul heralded the legislation as a victory for the state's citizens, stating that the funds will be used for climate mitigation
efforts.

"This bill would allow the state to recoup $75 billion from major
polluters�For too long New Yorkers have borne the costs of the climate
crisis, which is impacting every part of the state."

The bill will result in significant assessments for both domestic and
foreign energy producers, with Saudi Aramco of Saudi Arabia likely facing
the largest charge at $640 million a year, while state-owned Mexican firm
Pemex will be looking at a $193 million annual charge.

Russia's Lukoil will likely face charges of around $100 million per year.

The bill is also concerning consumer advocacy groups in light of its implementation in conjunction with other new measures which stand to
greatly affect commuters and consumers:

"We also note this measure would come on the heels of the reinstatement of congestion pricing in New York City, and in advance of the Environmental Department�s pending `cap and invest� rule, which combined will also
impose billions of dollars in new assessments on fossil fuel usage,
impacting a wide range of consumers," stated bill opponents.

Conversation

clinocio
15 hours ago

The oil industry should simply cut supply to NY by 50% and see what Gov. Hocuspocus does

Zemmi
14 hours ago

I say cut the supply off completely! Then see how hochul responds!

farmboy417911
14 hours ago

Absolutely correct. That's the only way the New Yorkers will learn.
Clearly they don't realize it's the working class folks that will be hit
the hardest. The environazis don't care if you can't heat your house or
drive your car, and anyone that thinks the money the state is going to
take in will go to "environmental" projects is just plain stupid. It'll
end up in the personal accounts of the elite.


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