Lawmakers admit $10 billion oil liability cap may not be enough to cover spills

[babylonsister]

Lawmakers admit $10 billion oil liability cap may not be enough to cover spills
By Jared Allen - 05/06/10 05:52 PM ET


Key lawmakers on Thursday acknowledged that their proposal to increase to $10 billion the liability cap on companies responsible for offshore spills may not go far enough to ensure that BP bears the full cost of economic damages.

Calling a $10 billion liability cap "much more appropriate" than the current $75 million ceiling, House Speaker Nancy Pelosi (D-Calif.) on Thursday left open the possibility that the figure could be revised upward as committees begin pouring over the legislative proposal to modify the cap.

"This spill can do great ecological damage to the Gulf States and, of course, it affects fisheries industry, tourism and the rest, and this $10 billion goes a long way to addressing that," Pelosi said during her weekly press conference. "Depending on how many incidents are involved in this particular – these particular – spills, it may be more than one $10 billion liability, but you will be hearing more about that as the committees take that up."

more...

http://thehill.com/blogs/e2-wire/677-e2-wire/96553-lawmakers-admit-10-billion-oil-liability-cap-may-be-too-low

[Dappleganger]

1. Kicked and recommended. nt

[rfranklin]

2. Wait a minute, let's ask our friends at the oil companies what to do...

After all, they are the experts.

[SoCalDem]

3. The understatement of the decade

It's the same nonsensical thinking that requires only a $5k liability on auto insurance out here in CA..where a bent fender can cost $1k or more..

our back window in our old car got stuck in the "down" position... cost $675.00..to fix it :grr:

Energy companies should be owned & operated by our federal government, and the "product" sold to corporations that need it to make their products.. At least 1/3 of the profit should be held in reserve to cover environmental damages resulting from the extraction, processing, disposal, etc

Another 1/3 should be set aside for the health & welfare of the workers who endanger their lives to GET the "stuff" out of the ground.


It should not be a for-profit enterprise, since it's something we ALL use and need.

Coal
Oil
Gas
Solar development/distribution
wind development/distribution

The oily guys could still stay in business, but as contractors.....and with strict regulation

[Teka]

4. Why ANY cap?

Make them pay the full charge, plus a 150% penalty

[safeinOhio]

5. Any cap on liability on anything

is a clear violation of the VII Amendment to the Constitution. These laws are always passed to protect corporations and never individuals.

In Suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury, shall be otherwise re-examined in any Court of the United States, than according to the rules of the common law.