In the absence of a federal policy to cap greenhouse gas (GHG) emissions many states are moving forward with their own initiatives, which currently range from announcements of commitments to reduce greenhouse gases to a regional multi-state cap-and-trade program slated to begin in 2009. As...

I study the economic impact of the European Union Emission Trading Scheme (EU ETS) on the refining industry in Europe. I contrast previous ex-ante studies with the lessons from a series of interviews I conducted with industrials, and the public data available on the first phase of the scheme,...