Hochul signs NY law that will charge $75B to oil, gas and coal companies for climate change
Gov. Kathy Hochul approved a controversial law that will force oil, natural-gas and coal companies to fork over a staggering $75 billion to the state for carbon emissions and allegedly contributing to climate change.
But critics claim the law is unworkable, likely to be challenged in court and will only end up costing customers more.
“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, which opposed 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,” the letter, co-signed by the Business Council, the American Petroleum Institute Northeast Region and National Fuel Gas Company, among others.
It’s a double whammy for businesses and motorists who have to pay the new minimum $9 congestion toll to enter Midtown Manhattan, the advocates wrote.
“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,” the opponents of the bill said.
A former state energy utility regulator questioned whether the law will withstand a legal challenge.
“The companies will likely get a friendly ear in federal court,” said ex-state Public Service Commission chairman John Howard.
But critics claim the law is unworkable, likely to be challenged in court and will only end up costing customers more.
“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, which opposed 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,” the letter, co-signed by the Business Council, the American Petroleum Institute Northeast Region and National Fuel Gas Company, among others.
It’s a double whammy for businesses and motorists who have to pay the new minimum $9 congestion toll to enter Midtown Manhattan, the advocates wrote.
“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,” the opponents of the bill said.
A former state energy utility regulator questioned whether the law will withstand a legal challenge.
“The companies will likely get a friendly ear in federal court,” said ex-state Public Service Commission chairman John Howard.
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