The 2010 Deepwater Horizon incident produced the largest oil spill
that has occurred in U.S. waters, releasing more than 200 million
gallons into the Gulf of Mexico. BP has estimated the combined oil
spill costs--cleanup activities, natural resource and economic
damages, potential Clean Water Act (CWA) penalties, and other
obligations--will be approximately $41 billion. The Deepwater
Horizon oil spill raised many issues for policymakers, including
the ability of the existing oil spill liability and compensation
framework to respond to a catastrophic spill. This framework
determines (1) who is responsible for paying for oil spill cleanup
costs and the economic and natural resource damages from an oil
spill; (2) how these costs and damages are defined (i.e., what is
covered?); and (3) the degree to which, and conditions in which,
the costs and damages are limited and/or shared by other parties,
including general taxpayers. The existing framework includes a
combination of elements that distribute the costs of an oil spill
between the responsible party (or parties) and the Oil Spill
Liability Trust Fund (OSLTF), which is largely financed through a
per-barrel tax on domestic and imported oil. Responsible parties
are liable up to their liability caps (if applicable); the trust
fund ...
General
Imprint: |
Bibliogov
|
Country of origin: |
United States |
Release date: |
November 2013 |
First published: |
November 2013 |
Authors: |
Jonathan L. Ramseur
|
Dimensions: |
246 x 189 x 2mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
30 |
ISBN-13: |
978-1-294-25538-3 |
Categories: |
Books >
Social sciences >
Politics & government >
General
|
LSN: |
1-294-25538-X |
Barcode: |
9781294255383 |
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