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• Big oil companies have successfully lobbied to kill a bill that would have made them pay for climate change-related damages.
• The bill aimed to hold multinational oil and gas companies accountable for New York’s climate costs.
• This move highlights the significant influence of the oil lobby in shaping environmental policies.

Quick Brief

2-Minute Digest

Essential Context

A recent bill in New York aimed to charge the largest multinational oil and gas companies for the state’s climate-related costs. However, intense lobbying from big oil has led to the bill’s demise.

Core Players

• New York State Senator Liz Kruger – Sponsor of the climate bill
• Multinational oil and gas companies – Primary lobbyists against the bill
• Environmental advocacy groups – Supporters of the climate bill

Key Numbers

• $75 billion – Proposed amount big oil would have been charged for New York’s climate costs
• 2023-24 – Legislative session during which the bill was proposed and killed
• $1.5 trillion – Combined market capitalization of major oil companies involved in lobbying

Full Depth

Complete Coverage

The Catalyst

The proposed bill was a significant attempt to hold big oil accountable for climate change damages. It aimed to charge these companies for the financial burdens imposed on New York due to climate-related disasters.

However, the oil lobby’s influence proved too strong, leading to the bill’s failure.

Inside Forces

The oil industry’s lobbying efforts were extensive, leveraging their financial and political influence to sway lawmakers. This is not the first instance of big oil successfully killing environmental legislation.

Environmental advocacy groups and some lawmakers expressed disappointment and frustration over the bill’s demise.

Power Dynamics

The oil industry’s power and influence in political circles remain formidable. Despite growing public concern about climate change, the industry has managed to maintain its grip on policy decisions.

This event underscores the ongoing struggle between environmental interests and the fossil fuel industry.

Outside Impact

The failure of this bill has broader implications for climate policy across the United States. It suggests that similar efforts in other states may face similar resistance from the oil lobby.

Public reaction has been mixed, with many calling for stronger actions against big oil and others arguing that the economic costs of such measures are too high.

Future Forces

Looking ahead, there are several key areas where the battle between environmental policies and the oil lobby will continue:

• Renewable energy subsidies and incentives
• Carbon pricing and emissions regulations
• Litigation against oil companies for past environmental damages
• International cooperation on climate change mitigation

Data Points

• 1996 – Year leaded gasoline was banned in the U.S., highlighting past environmental victories against harmful practices.
• 2023-24 – Legislative session in which the New York climate bill was proposed and defeated.
• $75 billion – Proposed cost to big oil for New York’s climate-related expenses.
• $1.5 trillion – Combined market capitalization of major oil companies involved in the lobbying effort.