When Russia invaded Ukraine earlier this year, the world recoiled in horror, but big oil saw an opportunity to raise prices. The result is that the net income for the world’s oil and natural gas producers is set to double in 2022 from 2021, to a new high of $4 trillion, according to the International Energy Agency.
The same thing may happen in New York soon, only with the insurance industry carrying out the gouging — unless the state takes action to stop it.
Earlier this year, my colleagues and I in the State Legislature passed a long overdue bill to reform New York’s Wrongful Death Law, which dates to 1847. That law tells the survivors of people killed by negligence that the lives of their loved ones can only be measured based on economics—the grief and loss of their survivors is worthless. Domestic partners and unmarried couples are shut out of the courts entirely.