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Sens. Ted Stevens and Lisa Murkowski are concerned that landmark climate change legislation slated to come to the Senate floor today could harm Alaska’s economy.

The senators are expected to oppose the measure despite a growing catalog of impacts across the state linked to warming temperatures, including more frequent wildfires, coastal erosion and shrinking Arctic sea ice.

“Until the impact of the bill on Alaskans can be fully understood, I’m not comfortable supporting a measure that could have such a profound impact on Alaskans,” Murkowski said.

The bill, sponsored by Sens. Joseph Lieberman, I-Conn., and John Warner, R-Va., would create a market-based system to cut the amount of heat-trapping greenhouse gas companies can release into the atmosphere by roughly 70 percent by mid-century.

Proponents of the legislation maintain the federal government needs to take immediate and substantial action to reduce carbon dioxide and other greenhouse gas emissions to avoid the most serious impacts of climate change.

But while the Lieberman-Warner bill would begin cutting emissions in 2012, critics say it would also dramatically alter the U.S. economy at a time when the dollar is in a slump and oil prices are near record highs. The price of crude oil closed above $124 per barrel Tuesday, and regular unleaded gasoline in Fairbanks was selling for as much as $4.25 per gallon.

The measure faces stiff opposition from Republicans and fiscally conservative Democrats, with few believing it has a chance of becoming law before President George W. Bush leaves office.

This week’s debate, however, is expected to lay the foundation for a future climate change law that could pass as soon as next year.

Opponents of the bill have prepared more than 100 amendments, many designed to derail debate and give both sides a face-saving excuse for tabling the proposal until the 111th Congress.

President Bush has already come out against the legislation, saying he would veto it if it reaches his desk. The White House contends the bill would be a disaster for the economy.

On Tuesday, Murkowski said she doesn’t support the current climate change legislation because of uncertainty over what it will mean for the pocketbooks of Alaskans already struggling with soaring prices at the pump.

“The problem that we have with this bill is that it’s such a moving target,” Murkowski said. “There’s still a great deal that is unknown.”

Changes are needed to ensure the legislation doesn’t further aggravate energy prices, Murkowski said.