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Hochul Signs $75B Climate Superfund Act Targeting Oil And Gas Firms For CO2 Emissions

Critics Say Customers Will Really Foot The Tab

by David Unsworth
December 27, 2024, 10:15 AM
in Energy, Lawfare, News, Politics
Reading Time: 3 mins read
A A
7

gas station shell
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. [emphasis, links added]

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 would increase the cost of doing business in the state and that consumers would 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 would 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.”

gas pump station

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 assessments are based on estimated yearly CO2 emissions, measured in millions of tons of greenhouse gases.

In total, 38 firms deemed carbon polluters will be on the hook, including American oil giants Exxon and Chevron, the UK’s Shell and BP, and Brazil’s Petrobras.

Critics of the legislation have also noted the potential difficulty in collecting the stipulated assessments from foreign firms.

The bill is also concerning consumer advocacy groups in light of its implementation in conjunction with other new measures that 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.

Read more at Fox News

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Comments 7

  1. Terry Mains says:
    9 months ago

    Hochol is one of the reasons that there are many people fleeing this state, just like California. No one with a functional brain will remain in this state when governments make decisions like this, that will do nothing but increase the cost of living. As soon as reality hits, there will be an exodus. It is presently happening in British Columbia where I live.
    When the average family cannot afford to buy a home and having difficulty putting food on the table they will leave.
    Government spending on ridiculous issues like the so called climate change issue, which is nothing but a massive globalist hoax, will be an incentive to do one of two things; re- elect a new government or leave.

    Reply
  2. David Lewis says:
    10 months ago

    The three motivations that started the global warming movement were an excuse for new taxes and increasing existing taxes, force deindustrialization, and increase the size and power of government. Only the most naive or mentally challenged believe the $75 billion will come out of cooperate profits. The oil companies will cover the cost by increasing prices. That has an identical impact as a tax. With a population of 19.57 million, just the cost of the $75 billion that will be passed on to consumers will be $3,822 per person of the effective period of the legislation. The cost to consumers will be greater than just what they pay for energy. If you got it, a truck brought it. Most goods have at least two truck trips, one to the distribution center and second from there to retail store. The cost of the fuel for these delivers will be higher and that will also be passed on to the consumers.

    Steve Bunten is right in that people are already fleeing the state. The cost of Superfund Act and other measures that will increase the cost to consumers will increase the exodus. The people leaving will not be the homeless drug users but rather the mechanics and engineers and other professions needed by any state.

    Reply
  3. Spurwing Plover says:
    10 months ago

    Time has come to Vote Out the Liberal Democrat/Globalists their the Real Enemies of America and the Enviroment they claim they want to Protect for Newsom the Nuisance

    Reply
  4. alan stewart says:
    10 months ago

    Hochul and the rest of you morons. There’s a New Sheriff in town. Your idiot law is legal Nowheresville. The Internet has taken over and you’re DEAD POLITICAL MEAT.

    Reply
  5. Steve Bunten says:
    10 months ago

    California is finding out what happens when they make doing business in the state for refiners–they refineries announce they are closing shop with one of the largest refineries in the state shutting down instead of dealing with the ever increasing cost of doing business in the state. NY state may soon find the same thing happening.

    And I guess these fools for politicians don’t see what is happening in their states. California is leading the way with their citizens fleeing to states that are still open for business with NY next in line. Both have lost enough population that they lost legislative seats in Congress to red states like Texas, Florida, NC, etc… Keep doing what you do and find your population and tax revenue plummet.

    Reply
  6. ddwieland says:
    10 months ago

    There’s apparently no end to the useless and stupidly damaging laws that dogmatic nature deniers, a.k.a. climate alarmists, inflict on us. Start with science denial, add an appetite for authoritarian decree, and you get Hochul and her ilk.

    Reply
  7. Spurwing Plover says:
    10 months ago

    Always count on a Demo-Rat to lay stupid and useless laws upon their Citizens like our own Governor Nuisance I mean Globalists need to be Voted Out and that means Voting out Liberal Demo-Rats

    Reply

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