After the New Jersey Department of Environmental Protection proposed an eight-billion dollar lawsuit based on Exxon’s despoiling of numerous sites in New Jersey, the Christie administration is pushing through a $225 million settlement – less than three cents on the dollar – ending any future remediation or consideration for Exxon’s pollution.
Today, Assemblyman John McKeon, chair of the Assembly Judiciary Committee, held a hearing to gather facts to try to determine if this settlement is in the best interests of the public.
While such a low cash settlement without much public discussion may seem odd, it makes sense if you look at it through the lens of Governor Christie’s political aspirations. Settling for the low number now, and channeling most of that money into the general fund, provides Christie with another one-shot gimmick to enable him to boast of a balanced budget, even though that goal is constitutionally required. Waiting for prolonged litigation to force Exxon to pay its fair share would not help Christie, who will be long out of office by the time the lawsuits are settled.