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Copper Prices Bounce Back On Market Optimism

Copper Prices Bounce Back On Market Optimism

Copper prices rebound as market…

Vermont Makes Big Oil Pay for Climate Change Damage in Landmark Law

The state of Vermont has just enacted a law that would take on oil companies to require them to pay for damage caused by their emissions, in a first such legislation in a U.S. state. 

The bill, S.259, ‘An act relating to climate change cost recovery,’ became law without the signature of Vermont’s Republican Governor Philip B. Scott. 

The law stipulates that Vermont’s state treasurer, in consultation with the Agency of Natural Resources, assess the total cost to Vermonters and the state from the emission of greenhouse gases from January 1, 1995, to December 31, 2024. 

Treasurer Mike Pieciak has testified in favor of the legislation and wrote in April 2023 that, “As Vermont explores ways to finance the necessary investments to help combat and adapt to climate change, it only seems fair to ask those who most significantly contributed to the problem to help foot the bill,” Vermont Public Interest Research Group said in early May when the Vermont Senate gave final approval to the legislation. 

In this attempt to make Big Oil pay in the polluter-pays model, Vermont could fail and hamper efforts by other states, and add costs for Vermonters and the state, Governor Scott said in a letter to Vermont State lawmakers. 

“Taking on “Big Oil” should not be taken lightly. And with just $600,000 appropriated by the Legislature to complete an analysis that will need to withstand intense legal scrutiny from a well-funded defense, we are not positioning ourselves for success,” Governor Scott said. 

“I’m deeply concerned about both short- and long-term costs and outcomes. Just look at our unsuccessful nationally-focused cases on GMOs, campaign finance and pharmaceutical marketing practices. I’m also fearful that if we fail in this legal challenge, it will set precedent and hamper other states’ ability to recover damages.”

The American Petroleum Institute (API), for its part, said – per the Associated Press – that it was extremely concerned the legislation “retroactively imposes costs and liability on prior activities that were legal, violates equal protection and due process rights by holding companies responsible for the actions of society at large; and is preempted by federal law.”  

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By Michael Kern for Oilprice.com 

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  • George Kamburoff on June 01 2024 said:
    This is unlikely to remain since the courts are stuffed with Trump appointees who favor poilitics over truth.
    It is hard to fight Huge Money.
  • Ronald Williams on May 31 2024 said:
    How would the citizens of Vermont feel is all the carbon based fuel products were suddenly not sold in their state?
    Isn't that what they are asking for with this legislation?
  • fredric longabard on May 31 2024 said:
    The fossil fuel companies should offer to stop selling their products in Vermont.

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