The economists warn that Hochul's polluters pay bill could result in regressive costs for working families.

Experts warn that a New York bill to charge oil and gas companies for pollution could harm working families through regressive costs.

Gov. Hochul of New York recently signed the Climate Change Superfund Act, which aims to hold polluters accountable for damages from 2000 to 2018, with potential fines totaling up to $75 billion. The funds will be allocated towards rebuilding infrastructure affected by climate change.

Some economists argue that fining large corporations could lead to higher prices for New Yorkers.

According to Jason Isaac, CEO and founder of The American Energy Institute, it is heartwarming to see Governor Hochul finally acknowledge what energy advocates have long understood: the best way for humanity to thrive is through adaptation to a changing climate. However, he criticized her for endorsing this philosophy in the most counterproductive way possible by signing the bill.

"This legislation imposes billions of dollars in new costs on energy producers, which punishes the industry responsible for providing light and heat to New Yorkers, instead of encouraging innovation. The true tragedy lies in the higher energy costs that working families will face, as well as the businesses and residents leaving a state that fails to adjust its own burdensome policies to economic reality."

"According to Trisha Curtis, an economist at the American Energy Institute, the result of the new law will be higher energy costs for households, families, and small businesses in one of the most expensive states to live in the country. Without a plan to address the broader economic consequences, this law will drive people, businesses, and state revenue out of New York and into other more competitive states."

The executive director of the Alliance for Consumers in Phoenix is O.H. Skinner, who is also a member of the Federalist Society in Washington, D.C. This nonprofit organization focuses on ensuring that consumer protection efforts, class action lawsuits, and attorney general enforcement actions adhere to the rule of law.

Skinner characterized the bill as "an effort by New York's left-wing politicians to eliminate dependable energy production and impose their preferred lifestyle choices on everyone."

Skinner stated on Fox that the policy will only increase energy costs for American workers, lower our standard of living, and benefit progressive elites who celebrate their own self-righteousness by targeting disfavored industries.

Consumers' Research Executive Director Will Hild stated that New York government's implementation of ESG policies has made their citizens' lives quantifiably worse, including charging citizens to drive into their own city, banning new gas appliances, and imposing a massive new tax to significantly raise the price of energy.

The bill will result in expenses for New Yorkers, according to David Webb, a Planet Chronicle contributor.

"According to Webb, if you're an energy company, you're already guilty, and Hochul, a "far left governor," will decide over the next decade how to charge you for your guilt."

Supporters commended the law that mandates corporations to compensate for their fossil fuel contamination in the state.

"Gov. Hochul's signing of the Climate Change Superfund Act is a crucial step in addressing the financial burden on New Yorkers caused by fossil fuel companies, according to Richard Schrader, Director of New York Government Affairs at Natural Resources Defense Council. This action demonstrates the importance of prioritizing fiscal fairness and environmental justice."

The same 38 firms, including American oil giants Exxon and Chevron, as well as the UK's Shell and BP, have been reportedly deemed carbon polluters and will be held accountable.

Vermont remains the only other state to adopt similar pieces of legislation.

New York residents who switch out their washing machines for a green alternative will receive payments of up to $840, which was announced just weeks after Hochul unveiled a plan for this purpose.