14 November 2008 21:59 [Source: ICIS news]
HOUSTON (ICIS news)--The US petrochemical industry has much at stake during the final days of George Bush’s presidency as a slew of last-minute regulations could be overruled by the largely Democratic Congress, industry analysts said on Friday.
The regulations address such topics as toxic chemicals, air emissions and electric utilities.
The Bush Administration is preparing to release a wave of so-called midnight regulations in its final days, which could have long-lasting effects, according to an analyst with the Independent Lubricant Manufacturers Association (ILMA). Moreover, if the proposals are adopted, they would be difficult for the next administration to undo.
Greg Scott, executive vice president and general counsel for the National Petrochemicals and Refiners Association (NPRA) said the Congressional Review Act could be a possible challenge to these midnight regulations.
“The act allows Congress to overturn rulings by the president,” Scott told members attending the NPRA Lubricants and Waxes meeting during a speech. Scott continued to describe the number of Democrats in Congress who would most likely be adamantly opposed to anything the Republicans do.
“Regardless, it is likely a challenging few years ahead for the industry,” Scott added.
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