Senator Robert Menendez (D-N.J.) announced that he will reintroduce a bill, the Big Oil Bailout Prevention Act, that will remove a $75 million liability cap currently imposed on oil companies in the event of rig explosion or oil spill.
After a presidential commission that was assigned to investigate last year’s Deepwater Horizon oil spill revealed that systematic oversight deficiencies in the oil industry leave room for additional spills to take place.
The New Jersey Senator released the following statement after his announcement:
The commission is clear: Not only are more spills of this magnitude entirely possible, but taxpayers and coastal communities remain financially exposed. We cannot continue to coddle oil companies by protecting them when they destroy livelihoods – that’s not a privilege given to any individual or small business. Holding oil companies accountable for the damage they cause not only protects taxpayers and coastal families, but it also gives those corporations incentive to actually focus on the safety of their drilling operations. I plan to swiftly reintroduce the Big Oil Bailout Prevention Act when the Senate reconvenes later this month, and I intend to work with senators who have constructive ideas to help it pass. The bottom line is that what we enact must ensure that if an oil company spills, taxpayers do not pay a dime for cleanup or economic damages and coastal families are made financially whole.