Law360, New York ( May 13, 2016, 12:05 PM EDT) -- A California court of appeals is poised to rule on a potentially billion-dollar question about the constitutionality of California's cap-and-trade program after supplemental briefing on May 26, 2016. This program was enacted by the California Air Resources Board (CARB) in 2013 pursuant to its authority under the Global Warming Solutions Act (AB 32), which aimed to reduce California's greenhouse gas emissions to 1990 levels by 2020. If this program is found unconstitutional, the state could lose billions of dollars of auction revenue generated from the program. This decision could have a profound impact on businesses in the oil, gas, energy and manufacturing sectors....