Climate Legislation has to Include Tort Reform
Climate change poses new threat: a litigation spree
Gerson Lehrman Group
October 28, 2009
Summary
Bob Tippee, Editor of O&GJ recently pointed out the threat of a litigation spree emerging from the Government climate meddling, potentially threatening oil & gas and power industries as well as all businesses and private investors. In the end the consumer has to pay and the ill-advised politicians.
Analysis
Have recently accessed the reference article but could not repeat access today. Also other searches for the climate legislation related tort issues have been negative, The trial lawyers are protecting their turf.
Nevertheless, we have to work to rescind the Supreme Court's ruling of 2007 to regulate greenhouse gases under the Clean Air Act and therefor prevent the EPA to classify CO2, a clean gas essential for global life, as an air pollutant.
It is time President Obama ("Obama")and Congress step in and overrule the Supreme Court on this issue. However, if Obama and Congress pursue their "Climate Legislation" the economy will be completely wrecked by litigation sprees of the trial lawyers, having found a gold mine in CO2 litigations with higher rewards than ever dreamed of when compared for example to past DDT, Asbestus and MTBE cases.
As a matter of fact the oil & gas and power industry can not function without elimination of the Supreme Court ruling on regulation of greenhouse gases and the resulting interference of the EPA.
In case Obama and Congress stay on their path we have to face:
- closing of more refineries
- petrochemical industry to move off-shore
- investment in power plants to dry up
- increased energy costs for the consumer
In summary, tort reform has to be part of any "Climate Legislation" and even more important the Supreme Court has to be directed by the President and Congress to rescind the 2007 ruling.
Copyright
2010