Hochul’s polluter liability could lead to lower costs for working families: economists

A New York Democratic bill aimed at charging oil and gas companies for polluting could lead to regressive costs for working families in the state, energy and economics experts told Fox News Digital.

New York Gov. 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 be used to fund projects to rebuild infrastructure that has been damaged by weather over the years. .

Although the bill seeks to fine large companies, some economists say such actions will result in higher prices for some New Yorkers.

“It’s great to see Governor Hochul finally acknowledge what energy advocates have long heard: the best way for humanity to thrive is to adapt to a changing climate. By signing this bill, he’s effectively endorsed that philosophy—albeit in the most inappropriate way possible; ” Jason Isaac, CEO and founder of American Energy Institute, in a statement shared with Fox News Digital.

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“Instead of encouraging innovation, this law piles billions in new costs on energy producers, punishing the very industry that keeps the lights and heat burning for New Yorkers,” continued Isaac. “The real tragedy here isn’t just the high energy costs for working families; it’s watching businesses and citizens flee a country that refuses to adjust its bloated policies to economic reality.”

“The result will be higher energy costs for homes, families, and small businesses in one of the most expensive regions in the country to live in,” said Trisha Curtis, an economist at the American Energy Institute. “Without a strategy to address the broader economic consequences, this legislation will drive people, businesses, and state funds from New York to other competitive states.”

OH Skinner is the executive director of the Alliance for Consumers, a Phoenix-based nonprofit organization dedicated to ensuring that consumer protection efforts, class action lawsuits, and attorney general enforcement actions comply with the law. He is also a member of the Washington, DC-based Federalist Society.

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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 conform to their Progressive Lifestyle Choices.”

“This policy will do nothing but raise energy prices for hard-working Americans and lower our standard of living, while progressive leaders pat themselves on the back by punishing unpopular industries,” Skinner told Fox.

The sun rises over Midtown Manhattan and the Empire State Building in New York City. (Gary Hershorn)

“Whether it’s charging citizens to drive in their city, banning new gas appliances, or imposing a massive new tax that will dramatically increase the price of energy, not a day goes by when New York government doesn’t implement ESG policies and citizens’ lives get worse,” said Senior Director of Consumer Research Will Hild.

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 in the next ten years how they’re going to charge you for your crime,” Webb told “Fox & Friends First,” calling Hochul. “the ruler of the left” “bound to this vision.”

However, its supporters have praised the law, which requires companies to pay for oil pollution in the state.

“By signing the Climate Change Superfund Act, Gov. Hochul is addressing the financial burden placed on New Yorkers by fossil fuel companies,” said Richard Schrader, New York Director of Governmental Affairs at the Natural Resources Defense Council, an environmental nonprofit. “It’s an important example of what it looks like to put financial fairness and environmental justice first.”

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

In total, 38 firms that are reportedly considered carbon polluters will be on the street, such as US oil giants Exxon and Chevron, and the UK’s Shell and BP.

Vermont remains the only state to have adopted similar pieces of legislation.

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The bill comes weeks after Hochul unveiled a plan to offer up to $840 in payments to New Yorkers who switch out their washing machines for a greener alternative.