At first glance, I don't much like the sound of this. It sounds like taxpayers are going to get stuck footing the bill for cleaning up after companies who make a huge mess. This get-out-of-responsibility cap will certainly be considered by actuaries when they balance the costs of safeguards against their profit and maximum liability. I'd be interested to know what others think.
WASHINGTON — Senate Democrats Thursday lost a bid to raise the liability cap for oil companies to $10 billion when Alaska Republican Lisa Murkowski raised objections. They vowed to try again.
Murkowski said she supports lifting the cap from $75 million, but contends the $10 billion figure would prevent smaller, independent companies from drilling along the Outer Continental Shelf.