Bill Lifts $75 million Cap on Liability
WASHINGTON – U.S. Senator Benjamin L. Cardin, chairman of the Water and Wildlife Subcommittee of the Environment and Public Works Committee, today praised committee passage of the S. 3305, the Big Oil Bailout Prevention Liability Act. The bill eliminates the $75 million cap on liability for oil spills that was passed in the wake of the Exxon Valdez spill in 1990.
“We must ensure that BP, and any other responsible parties, bear the full financial costs of the economic and environmental disaster that continues to unfold in the Gulf,” said Senator Cardin, a co-sponsor of the measure. “S. 3305 lifts the cap on liability for an offshore oil spill and ensures that the polluters will fully compensate businesses and individuals for their losses.”
In 1990, Congress passed the Oil Pollution Act, which capped the liability of companies at $75 million for all damages claimed by parities injured by an oil spill, including individuals, businesses, and government agencies. In the first quarter of this year, BP reported $5.6 billion in profits. The Deepwater Horizon spill is now the worst in our nation’s history, with claims for damages that have far exceeded $75 million.
“We have a responsibility to the residents of the Gulf Coast and to all Americans to make sure the polluter pay for all economic and environmental damages they cause. This bill makes that a reality,” said Senator Cardin.
Washington, DC – U.S. Senator Benjamin L. Cardin (D-MD) a member of the Senate Committee on Environment and Public Works and chair of its Water and Wildlife Subcommittee, along with EPW chairman Barbara Boxer (D-CA) and other members of the Committee, today asked United States Attorney General Eric Holder to open an investigation into potential violations of civil and criminal laws related to issues surrounding the ongoing BP oil spill in the Gulf of Mexico. Joining Senators Cardin and Boxer in signing the letter are Senators Frank Lautenberg (D-NJ), Kirsten Gillibrand (D-NY), Bernie Sanders (I-VT), Amy Klobuchar (D-MN), Tom Carper (D-DE), and Jeff Merkley (D-OR).
“BP has consistently understated the risks associated with the Deepwater Horizon oil drilling operation. The corporation has also overstated its ability to respond to a catastrophic failure at the well site. The American people have a right to know whether these misrepresentations were intentional and if they violated federal civil or criminal statutes. Only an independent probe by our Justice Department can answer those questions,” said Senator Cardin.
