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Vermont Climate Bill Would Demand Oil Companies Pay for ‘Extreme Weather Events’

Fines would be imposed retroactively and calculated based on each corporation’s emissions from 1995 to 2024, according to the legislation.
Vermont Climate Bill Would Demand Oil Companies Pay for ‘Extreme Weather Events’
A combination of file photos shows the logos of five of the largest publicly traded oil companies: BP, Chevron, ExxonMobil, Royal Dutch Shell, and Total. File Photo/Reuters
Matthew Lysiak
Matthew Lysiak
5/13/2024|Updated: 5/13/2024
0:00

A Vermont bill that would mandate private companies pay for damages caused by global warming has raised concerns that the legislation could hurt the business climate as well as raise energy prices for already cash-strapped residents of the state.

If approved, the controversial Vermont Climate Superfund Act is poised to make oil and gas giants such as Shell, ExxonMobile, and Chevron shell out billions in climate change cleanup and climate-related health care costs to state authorities. Penalties from the “Climate Superfund Act” will be assessed using a calculation based on to what extent authorities determine “extreme weather events” have affected the state.

Matthew Lysiak
Matthew Lysiak
Author
Matthew Lysiak is a nationally recognized journalist and author of “Newtown” (Simon and Schuster), “Breakthrough” (Harper Collins), and “The Drudge Revolution.” The story of his family is the subject of the series “Home Before Dark” which premiered April 3 on Apple TV Plus.
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