ENV-07-121 The Storm of Climate Change: When Will it Hit and What Will it Look Like?

Description:

Climate change is a complex issue that requires a careful, comprehensive solution. As of this writing, the federal government has not yet imposed a mandatory regulatory scheme for reducing greenhouse gas (“GHG”) emissions. During 2007, the United States government’s attitude toward climate change has noticeably shifted. As a consequence, it is no longer a question of whether but when and how the United States will impose mandatory GHG emission reductions. The recent Supreme Court decision in Massachusetts v. EPA, coupled with increasing national and international political and public pressure to regulate GHG emissions, has motivated both the federal government and the states to take action to regulate GHG emissions. This paper considers these legal developments in both the regulatory and legislative arena and analyzes the potential impact these proposals may have on the refining industry. Legal events are developing on an almost daily basis. Therefore, the changes that are being considered today may be different from those that are ultimately adopted, although they are not likely to be radically different. The paper also briefly considers the regional initiatives that the states have implemented in the absence of a federal legislative/regulatory scheme.