Hochul’s polluter bill could result in regressive costs for working families: Economist

New York’s Democratic bill aimed at charging oil and gas companies for pollution could result in regressive costs for working families in the state. Energy and economic experts told Fox News Digital

New York Governor Kathy Hochul recently signed the Climate Change Superfund Act, a bill that seeks to charge polluters up to $75 billion for pollution from 2000 to 2018. The money will reportedly bring It is used to fund projects that rebuild infrastructure that has been damaged by weather in recent years.

While the bill attempts to fine large companies Some economists say such actions will result in higher prices for some New Yorkers.

“It is gratifying to see Governor Hochul finally admit what energy advocates have long understood: The best way for humanity to thrive is to adapt to a changing climate. By signing this bill She effectively endorsed that philosophy. Even in the most anti-productive way 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: Reduce greenhouse gas emissions 66% by 2035 from 2005 levels.

New York Governor Kathy Hochul signs bill to bill “Polluters” for climate change (John Lamparsky)

“Instead of incentivizing innovation Instead, the bill adds billions in new costs to energy producers. It punishes the industry that keeps New Yorkers light and hot,” Isaacs continued. “The real tragedy here is not just rising energy costs for working families. But it is also watching businesses and residents flee a state that refuses to adjust its own bloated policies to economic realities.”

“The result is higher energy costs for households, families and small businesses in one of the most expensive states in the country,” said Trisha Curtis, an economist at the American Energy Institute. It will address the broader economic impact. This legislation will drive people, businesses and state revenues out of New York and into a more competitive state.”

OH Skinner is the Executive Director of the Alliance for Consumers, a Phoenix-based non-profit organization. which is committed to ensuring consumer protection efforts class action lawsuit and that the solicitor general’s law enforcement actions are consistent with the rule of law. He is also a member of the Federalist Society in Washington, D.C.

FIVE WAYS TRUMP CAN RUN BIDEN’S CLIMATE AGENDA

Skinner called the bill “This is the latest attempt by left-wing politicians in New York to push reliable energy production out of existence. and forcing everyone to conform to their preferred progressive lifestyle choices.”

“This policy will do nothing but raise energy prices for hardworking Americans and lower our standard of living. Meanwhile, progressive elites pat themselves on the back for punishing disadvantaged industries,” Skinner told Fox.

Sunrise on the skyline of Midtown Manhattan and the Empire State Building in New York City. (Gary Hershorn)

“Whether it be charging people to drive into their own city. Banning new gas-powered equipment or the imposition of large new taxes that cause energy prices to skyrocket. Hardly a day goes by that New York government does not implement ESG policies that make the lives of their citizens quantifiably worse,” said Will Hild, Executive Director of Consumer Research.

Fox News contributor David Webb said the bill “It will cost New Yorkers.”

“If you are an energy company You are already at fault. They will decide over the next decade how they are going to charge you for your crimes,” Webb told Fox & Friends First, calling Hochul “a far-left governor” who is “committed to this ideology.”

However, proponents praise the law for requiring companies to Fossil fuel pollution must be paid in the state.

“By signing the Climate Change Superfund Act, Governor Hochul is addressing the financial burden that fossil fuel companies have placed on New Yorkers,” said Richard Schrader, director of New York government affairs for the Natural Resources Defense Council, which Non-Profit Environmental Organizations Say “This is a prime example of putting fiscal fairness and environmental justice front and center.”

Gov. Kathy Hochul is up for re-election in 2026. (Lev Radin/Pacific Press/Light Rocket)

In total, 38 companies are reported to be considered carbon polluters, including American oil giants Exxon and Chevron, as well as the UK’s Shell and BP.

Vermont remains the only state with a similar law.

CLICK HERE TO GET THE FOX NEWS APP

The bill comes just weeks after Hochul released a plan offering payments of up to $840 to New Yorkers who replace their washing machines with environmentally friendly alternatives.