Imagine a so-called climate bill that will raise energy costs and pain at the pump even further for New Jersey residents and businesses.
It is likely unconstitutional and without question unfair to businesses who will be hit with tens of billions of dollars in retroactive penalties for legally selling fossil fuels needed for everyday life.
And it will actually do nothing to help climate change.
In his latest op-ed in NJ.com, NJBIA’s Ray Cantor explains how such a nonsensical bill is actually floating in Trenton – and the damage it could potentially do.
Cantor wrote in the op-ed that the so-called Climate Superfund Act should be better known as the “Climate Money Grab Act.”
“As a legislative effort, we find it tone deaf to the deep energy affordability challenges we face in New Jersey,” Cantor wrote.
This bill, which has passed environment committee votes and is expected to be a topic in the lame duck session of the Legislature after Election Day, would impose billions of dollars on companies that have legally extracted and refined fossil fuels.
Cantor explained in the op-ed that if the $40 billion loosely thrown out by one supporting legislator applied, it would result in an added $9,000 in gasoline and gas utility costs over a 9-year period applying a U.S. Chamber of Commerce Institute of Legal Reform cost analysis.
“Amazingly, supporters of this legislation appear to have convinced themselves that illegally socking energy companies with billions of dollars in unfounded assessments, not to mention the millions they’ll potentially spend to fight the unfairness in the courts, will somehow not raise gas or energy prices in the state,” Cantor wrote.
“Well, at least that’s what they’re saying publicly to garner support.
“But here’s the reality: Businesses don’t just swallow billions of dollars in added costs, particularly ones they have no control over. There are margins they expect to make to keep people employed and consequences when they’re not met.
“This will prove even truer if companies know that this assessment can be imposed against them again in the future,” Cantor wrote.
To see the full NJ.com op-ed, click here.
