Cap-and-trade returns: New York plans to force big oil companies to ‘invest’ in ‘green’ by paying for emissions

In her State of the State address on Tuesday, Democratic New York Gov. Kathy Hochul is expected to roll out her “Cap & Invest” anti-pollution program that critics warn will lead to higher gasoline and utility costs in states that already hate fossil fuels. state.

The plan seeks to reduce emissions by imposing fees on companies for their greenhouse gas emissions and investing that money in initiatives such as modernizing buildings to run on green electric energy.

“Cap” refers to the maximum greenhouse gas emissions imposed by a country. The “maximum” is often expected to decrease each year in order to meet climate change prevention goals.

The state could then hold an auction to allow energy companies to bid on “allowances” based on the weight of pollution — the proceeds of which the government could invest in “green” initiatives, according to New York Focus.

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New York drivers could see more pain at the pump from such a proposal, according to critics like the nonpartisan group Upstate United, which advocates for a boost to New York state’s economy.

New York’s average AAA gas price is $3.14 per gallon — comparable to most surrounding states except Pennsylvania — which typically remains higher than the rest of the Northeast due to the third-highest gas tax nationally.

Hochul’s spokesman said New York Post That the governor is “focused on lowering the cost of living, putting money back into the pockets of New Yorkers through refunds, tax breaks and more.”

Since Democrats took over executive reins from term-limited GOP Gov. George Pataki in 2007 and have held them uninterrupted, the Empire State has gradually restricted energy exploration in the state.

This trend began with a “deadline” announced by Gov. David Paterson in 2010 on hydraulic fracturing for natural gas that remains in place to this day.

The ‘Marcellus Shale’ cluster is named after a town in New York – but no fracking activity has occurred since then On the Pennsylvania end of the deposit.

State Sen. Tom O’Mara, R-Elmira, represents a district that lies on part of the Marcellus shale formation that remains untouchable under state policy.

Natural gas wells dot the countryside in neighboring Bradford and Tioga counties to the south in Pennsylvania, but the landscape is devoid of any signs of exploration for those crossing NY-17 through New York’s Southern Tier just a few miles away.

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O’Mara on Monday criticized what he called the latest “radical climate mandate” to be issued:

“Governor Hochul and Democrats in Albany will continue to talk about addressing New York’s affordability crisis. But it’s clear that their actions like Cap and Invest, more appropriately called ‘Cap and Tax’… will only continue to push this state forward.” “to the bottom economically.” He said.

In 2014, O’Mara criticized New York’s original ban Fracking in his areaSaying it “devastates the hope of many farmers, landowners, businesses and potential jobs in the natural gas industry in the Southern Tier.”

He said Hochul’s cap-and-tax plan will only increase the cost of doing business in New York and push more families and employers out of the state as the affordability crisis worsens.

Assembly Minority Leader William Barclay told Fox News Digital that the plan shows the governor is out of touch with New Yorkers.

“The last thing we need is more unworkable environmental policy from Albany that drives up costs and drives residents away. Democrats constantly lecture us about the need for cap-and-invest and other misguided energy policies, but when people pay more at the stations and can afford Heating bills, who benefits? Asked Barclay, Oneida.

“It’s our responsibility to make sure New Yorkers have reliable, affordable energy sources — not to force consumers to support the green dreams of the liberal environmental lobby.”

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In 2021, then-Gov. Andrew Cuomo Successfully closed the massive 2,000 MW Indian Point nuclear power plant on the Hudson River opposite Haverstraw.

Cuomo cited safety concerns at the time and said “it doesn’t belong…close to the most densely populated area in the country.” Critics countered that the area in question — New York City — relied too heavily on the energy it generated and complained about rising utility bills.

A 2019 law requires New York to cut emissions to zero by 2050, according to The New York Times.

Nationally, the word “Cap & Trade” first entered the American lexicon during the 2008 presidential campaign, when then-Sen. Barack Obama, a Democrat from Illinois, has wooed environmentalists with the idea of ​​taxing entities that emit greenhouse gases and affect the atmosphere.