Hochul’s polluter pays bill could result in regressive costs for working families: Economists
New York Democratic bill aimed at collection oil and gas companies because pollution could result in regressive costs for the state’s working families, energy and economics experts tell Fox News Digital.
New York Gov. Kathy Hochul recently signed the Climate Change Superfund Act, a law that seeks to charge polluters up to $75 billion for pollution from 2000 to 2018. The money will reportedly be used to fund projects to rebuild weather-damaged infrastructure over the years.
Although the bill is intended to punish large corporations, some economists say such actions will result in higher prices for some New Yorkers.
“I’m glad to see Governor Hochul finally recognize what energy advocates have long realized: the best way for humanity to thrive is through adaptation to a changing climate. By signing this bill, she has effectively endorsed that philosophy—albeit in the most counterproductive way possible,” Jason Isaac, executive director and founder of the American Energy Institute, said in a statement shared with Fox News Digital.
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New York Governor Kathy Hochul has signed into law a bill charging “polluters” for climate change. (Ivan Lamparski)
“Instead of encouraging innovation, this legislation piles billions in new costs on energy producers, penalizing the very industry that keeps New Yorkers lit and warm,” Isaac continued. “The real tragedy here isn’t just higher energy costs for working families; it’s watching businesses and residents flee a state that refuses to adjust its own bloated policies to economic reality.”
“The result will be higher energy costs for households, families and small businesses in one of the most expensive states in the country to live in,” said Trisha Curtis, an economist at the American Energy Institute. “Without a plan to address the broader economic consequences, this bill will drive people, businesses and state revenue out of New York and into other more competitive states.”
OH Skinner is the executive director of the Alliance for Consumers, a Phoenix-based nonprofit organization dedicated to ensuring consumer protection, class action and attorney general enforcement actions comply with the rule of law. He is also a member of the Federalist Society based in Washington, DC.
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Skinner called the bill “the latest attempt by left-wing politicians in New York to drive reliable energy production out of existence and force everyone to adhere to their preferred progressive lifestyle choices.”
“This policy will do nothing but raise energy prices for hard-working Americans and lower our standard of living, while progressive elites pat themselves on the back for punishing unfavored industries,” Skinner told Fox.
The sun rises over the skyline of Manhattan and the Empire State Building in New York. (Gary Hershorn)
“Whether it’s charging citizens to drive into their city, banning new gas appliances, or imposing a huge new tax that will significantly raise the price of energy, hardly a day goes by that New York City government doesn’t implement ESG policies that make their citizens’ lives quantitatively worse.” , said Will Hild, CEO of Consumers’ Research.
Fox News contributor David Webb said the bill “will cost New Yorkers.”
“If you’re an energy company, you’re already guilty. They’re just going to decide over the next decade how they’re going to charge you for your guilt,” Webb told “Fox & Friends First,” calling Hochul a “far-left governor” who is “tied to this ideology”.
However, advocates praised the bill for requiring companies to pay for fossil fuel pollution in the state.
“By signing the Climate Change Superfund Act, Governor Hochul is addressing the financial burden placed on New Yorkers by fossil fuel companies,” said Richard Schrader, director of New York government affairs for the Natural Resources Defense Council, a nonprofit environmental organization. “It’s a key example of what putting fiscal fairness and environmental justice at the forefront looks like.”
Governor Kathy Hochul will be up for re-election in 2026. (Lev Radin/Pacific Press/LightRocket)
A total of 38 companies they are supposedly considered carbon pollutants will be under attack, such as the American oil giants Exxon and Chevron, as well as the British Shell and BP.
Vermont remains the only other state to pass similar pieces of legislation.
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The bill comes just weeks after Hochul outlined a plan to offer payments of up to $840 to New Yorkers who replace their washing machines for a green alternative.
