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George LeMieux backs raising the oil liability cap

A day after Alaska Republican Lisa Murkowski shot down a Democratic-led effort to lift the liability cap on oil companies, Florida Sen. George LeMieux and three other Gulf Coast Republicans introduced legislation they say would "dramatically increase" the liability.

The legislation would establish a new cap equal to the last four quarters of the responsible party’s profits -- or double the current limit, whichever is greater.

"BP is already responsible for the costs of the cleanup, but we must ensure taxpayers are not forced to pay for associated damages, "LeMieux said. He said economic damage from the spill will "far exceed" the current $75 million cap and that under the bill, BP's liability would jump to $17 billion dollars.

The bill also calls for a "thorough report" to Congress from all agencies involved in the response to the spill by September 1. The report, the senators say, "will evaluate what went wrong with the immediate response to the spill by private entities and the federal government."

The bill would also require that "the best technologies and equipment are staged to respond to potential
spills within 24 hours" and establish greater reserve requirements for the amount of oil containment barriers.  Under the bill, enough flame retardant booms capable of withstanding six-foot waves to corral 100 square miles of ocean would have to be available for deployment anywhere in the country within 24 hours. It also requires the development of capping or dome technology capable of working at depths 2,000 feet below the current deepest well that can also be deployed in 24 hours.

Comments

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JoeSimon

First of all---nobody cares what this fool thinks. Why do you continue to further his agenda of self-promotion? Second---this is an approach that any Liberal Democrat would make---let's tie the penalty to your PROFITS! Outrageous. How limiting it to ACTUAL DAMAGES!

Norris Hall

That's fine if you are talking about Exxon or BP. But there are a lot of oil rigs operated by smaller companies who don't have big annual profits.
An oil spill doesn't limit its damages to the size of the company that causes it.
Damamges to businesses, marine life and tourism are the same no matter if it's a mom and pop oil rig or one run by BP
Limiting liability based on a company's size is like me getting to buy cheap low coverage auto insurance because I am poor.
It still leaves the guy I hit to pony up for his own medical bills

The law should require that anyone getting into the oil drilling business buy insurance policy that will cover ALL damages to affected business.

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