Senate panel votes to end oil spill liability cap

[jpak]

http://www.reuters.com/article/idUSTRE65T4SA20100630?type=politicsNews

A Senate committee on Wednesday voted to eliminate a cap on liability that oil companies would face for damages from offshore spills, like the one devastating the U.S. Gulf coast.

The committee's vote would open the industry to unlimited claims by removing the current $75 million cap companies now enjoy on compensating local communities for economic losses and the impact of offshore spills on natural resources.

The change, if approved and made law, would apply retroactively to BP Plc's massive Gulf of Mexico spill, although the company has already said it would cover all costs, which will run into the billions of dollars.

While lawmakers in both the Senate and House of Representatives have made the liability legislation a top priority following the BP spill, a senior Democrat -- Senator Max Baucus, who chairs the influential Senate Finance Committee -- expressed reservations about imposing unlimited liability on the oil industry.

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[kenfrequed]

1. And Baucus once more proves

Percisely whose side he is on and what an incredible tool he is.!

[RKP5637]

2. Not surprised about Max Baucus. n/t

[yurbud]

3. doesn't Obama realize what a liability these assholes are in most of the country?

[dipsydoodle]

4. Who would determine

whether changes in the law made retroactively were constitutional or not so given that no criminal offence has yet been found against BP ?

Just asking.

[Nihil]

5. Don't forget, there is an "expert constitutional lawyer" right at the top ...

... or so they say ...

BP has far less support now than any of the prisoners held illegally at
Guantanamo Bay ever had so I can't see any of the usual suspects making
much of a fuss about arbitrary dismissal of centuries of law ...