BP's BFF: Lisa Murkowski BLOCKS Bill To Raise Oil Spill Liability Cap

[deminks]

http://www.huffingtonpost.com/2010/05/13/lisa-murkowski-blocks-bil_n_575918.html

A bill to increase the liability cap for oil spills from $75 million to $10 billion was defeated Thursday by Sen. Lisa Murkowski, R-Alaska.

Bill S.3305, the "Big Oil Bailout Prevention Liability Act" would cap BP's liability at $10 billion, even if damages from the gulf oil spill surpass that figure. The company already estimates that spill will cost $450 million to clean up.

Murkowski, a drilling supporter, has received almost $300,000 in campaign contributions from the oil and gas industry. While Murkowski said that she supports raising the cap, she argued that the $10 billion figure would prohibit all but the biggest of oil companies from drilling oil offshore:

It would be impossible or perhaps close to impossible for any energy company that is smaller than the supermajors, smaller than the national oil companies, to operate in the O.C.S.

(snip)

Sen. Robert Menendez, D-New Jersey, said Murkowski's argument didn't hold up. "The risk is what has to be calulated here. If you drill, you need to be able to pay for the damages," Menendez said. Menendez derided Murkowski's characterization of "independent" oil and gas companies. "This isn't mom and pop in the grocery store around the corner.''

(end snip)

emphasis mine