Nelson files bill to raise oil spill liabilityby Dara Kam | May 3rd, 2010
U.S. Sen Bill Nelson is pushing an effort to up the amount oil companies must pay for economic damages caused by oil spills like the massive Deepwater Horizon blast spreading through the Gulf of Mexico.
Currently, oil companies like BP are responsible for paying the costs of cleanup. But federal law caps liability at $75 million per incident.
Nelson and New Jersey Democratic U.S. Sens. Robert Menendez and Frank Lautenberg want to increase oil companies’ liability to cover lost business revenues and cap it at $10 billion.
BP officials have pledged to pay whatever it takes to clean up the oil leak, expected to reach Florida’s Panhandle beaches Thursday.
“BP says it’ll pay for this mess. Baloney. They’re not going to want to pay any more than what the law says they have to, which is why we can’t let them off the hook,” Nelson, D-Fla., said in a statement.