According to the Huffington Post, Sen. Robert Menendez (D-N.J.) will propose a bill this afternoon that will require oil companies to be fully liable for any economic damages that are a result of a spill.
The Oil Pollution Act of 1990 sets the current cap on liability at $75 million for "holders of leases or permits for offshore facilities, except deepwater ports, plus removal costs. Responsible parties at onshore facilities and deepwater ports are liable for up to $350 millon per spill," according to the U.S. Environmental Protection Agency.
The proposed bill will raise the $75 million cap to unlimited financial liability. Sen. Menendez previously proposed raising the cap to $10 billion but was met with GOP opposition.
This article appears in May 20-26, 2010.