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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Congress Considers Removing Oil Company Liability Cap for Spills Email Facebook Digg Twitter Buzz Up! ShareThis June 9, 2010 5:54 p.m. EST Topics: politics, regulatory policy and organization, oil and gas - upstream activities, disaster and accident, pollution, economy, business and finance, energy and resource, United States Tom Ramstack - AHN News Correspondent Washington, DC, United States (AHN) - Congressional Democrats supported a bill Wednesday that would make BP pay for nearly all the damage from its Gulf of Mexico oil spill, but Republicans warned the proposal could hurt the nation’s energy industry. Democrats want to remove all limits on oil spill liability, which federal law now caps at $75 million. Republicans say removing the caps would raise oil company insurance rates, making exploration and drilling affordable only to the largest companies. Removing liability caps would “kill all competition that big oil faces” and turn the Gulf “into big oil’s own private pond,” said Sen. Christopher Bond (R-MO). “We cannot close down the Gulf ... without putting ourselves at hostage even further to the Venezuelans, the Chinese, Russia (and other oil producers) that don’t have to follow” the same safety and insurance rules, he said. Bond spoke during a hearing of the Senate Environment and Public Works Committee, which held one of five congressional hearings on the Gulf oil spill Wednesday. In the 1990 Oil Pollution Act, Congress capped the economic damages oil companies must pay for spills at $75 million in an effort to help them compete internationally. Without the cap, U.S. oil companies said their insurance and safety equipment costs would be so high that most of them could not drill for oil. As a result, the United States would need to depend more heavily on imported oil from foreign producers in the Middle East and elsewhere. Congressional Democrats were more concerned Wednesday about the huge economic damage the BP oil spill was expected to cause in the Gulf. The fishing and tourism industries are being hit hardest. “If you or I ... got into an accident that we caused, (we would be) responsible for all the damages,” said Sen. Barbara Boxer (D-CA), the Senate Environment and Public Works Committee’s chairwoman. No legal liability caps protect wrongdoers in personal injury accidents “and there should be no caps in this case,” Boxer said. The bill to remove the caps would have raised the liability from $75 million to $10 billion when it was introduced late last month. Since then, members of Congress revised the bill with encouragement from the White House to eliminate all caps. However, the bill would remove the caps for all oil companies, not just BP. A wrong policy move “could set back this nation’s energy future for decades,” said Sen. James Inhofe (R-OK). He recommended that Congress consider oil company liability “logically and not emotionally.” BP Chief Executive Officer Tony Hayward has said his company would pay for all “legitimate” damage claims, even if they exceed the current $75 million cap. Members of Congress said they do not want to leave the damage payments to the oil company’s discretion. BP announced Wednesday that it is now capturing about 630,000 gallons of the leaking oil each day, or slightly more than half. The oil is being pumped into ships on the surface. The company plans to put a new cap on the leak within days that it says can capture 756,000 gallons of oil daily. In a separate congressional hearing, the chairman of the House Transportation and Infrastructure Committee said the Coast Guard could run out of money for its response to the oil spill next week. The Coast Guard has been allocated $100 million from the Oil Pollution Act’s emergency trust fund. The money comes from an 8-cent tax on each barrel of refined crude oil. Rep. James Oberstar (D-MN) called for the $100 million limit to be raised for the Coast Guard’s disaster relief effort. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. 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