Liability and Compensation Issues Raised by the 2010 Gulf Oil Spill PDF Download
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Author: Jonathan L. Ramseur
Publisher: DIANE Publishing
ISBN: 143798343X
Category : Reference
Languages : en
Pages : 27
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Book Description
The 2010 Deepwater Horizon (DH) 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 will be approx. $41 billion. The DH oil spill raised many issues for policymakers, incl. the ability of the existing oil spill liability and compensation framework to respond to a catastrophic spill. Contents of this report: (1) Intro.; (2) Existing Liability and Compensation Framework: Responsible Party; Liability Limits; Financial Responsibility; The Oil Spill Liability Trust Fund; Compensation or Claims Process; (3) Issues for Policymakers: Liability Limits; Per-Incident Cap; Level of Funding; Claims Process. This is a print on demand report.
Author: Jonathan L. Ramseur
Publisher: DIANE Publishing
ISBN: 143798343X
Category : Reference
Languages : en
Pages : 27
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Book Description
The 2010 Deepwater Horizon (DH) 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 will be approx. $41 billion. The DH oil spill raised many issues for policymakers, incl. the ability of the existing oil spill liability and compensation framework to respond to a catastrophic spill. Contents of this report: (1) Intro.; (2) Existing Liability and Compensation Framework: Responsible Party; Liability Limits; Financial Responsibility; The Oil Spill Liability Trust Fund; Compensation or Claims Process; (3) Issues for Policymakers: Liability Limits; Per-Incident Cap; Level of Funding; Claims Process. This is a print on demand report.
Author: Congressional Research Service: The Libr
Publisher: BiblioGov
ISBN: 9781294255383
Category :
Languages : en
Pages : 30
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Book Description
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 ...
Author: Jonathan L. Ramseur
Publisher: DIANE Publishing
ISBN: 1437942180
Category : Technology & Engineering
Languages : en
Pages : 28
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Book Description
This report summarizes provisions of selected legislation -- enacted and proposed -- that address oil spill policy issues raised after the April 20, 2010, explosion and resulting oil spill at the Deepwater Horizon drilling platform in the Gulf of Mexico. The 2010 Gulf oil spill has generated considerable interest in oil spill issues. The House of Rep. has conducted at least 33 hearings in 10 committees. The Senate has conducted at least 30 hearings in eight committees. Members have introduced over 150 legislative proposals that have included one or more provisions that would affect oil spill policy. This report focuses primarily on oil spill policy matters that concern prevention, preparedness, response, and the liability and compensation framework. Charts and tables.
Author: Rawle O. King
Publisher: DIANE Publishing
ISBN: 1437937101
Category : Technology & Engineering
Languages : en
Pages : 24
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Book Description
The April 2010 Deepwater Horizon oil spill disaster in the Gulf of Mexico was the largest spill to have occurred in U.S. waters. The scale of clean-up costs and third-party damages has prompted congressional review of clean-up and damage compensation mechanisms, as well as of ways to facilitate future oil spill prevention, response, and recovery. A key element is the role of insurance in ensuring that costs of spills can be financed. Contents of this report: (1) Intro.; (2) The Deepwater Horizon Oil Spill Incident; (3) The Offshore Energy Exploration and Production Business: Risk Management and the Demand for Insurance; (4) Offshore Energy Insurance Market; (5) Compensating Oil Pollution Victims; (6) Policy Issues. Illus.
Author: United States. Congress. House. Committee on Transportation and Infrastructure
Publisher:
ISBN:
Category : Science
Languages : en
Pages : 256
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Book Description
Author: Christine R. Walsh
Publisher:
ISBN: 9781613247297
Category : BP Deepwater Horizon Explosion and Oil Spill, 2010
Languages : en
Pages : 0
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Book Description
Contains edited, excerpted and augmented editions of CRS reports.
Author: United States. Congress. Senate. Committee on Energy and Natural Resources
Publisher:
ISBN:
Category : BP Deepwater Horizon Explosion and Oil Spill, 2010
Languages : en
Pages : 88
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Book Description
Author: Hui Wang
Publisher: Kluwer Law International B.V.
ISBN: 904113672X
Category : Law
Languages : en
Pages : 442
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Book Description
This remarkable book - the first in-depth examination of the civil liability regime for marine oil pollution damage from a law and economics perspective - examines the efficiency and effectiveness of the regime, with particular attention to whether it is in fact designed in the public interest or merely a distribution of risks and costs among interested parties. The question is asked: does the liability system give the potential polluter incentives to take precautionary measures to avoid pollution or to reduce the possibility of pollution? The international regime on civil liability for marine oil pollution rests on the International Convention on Civil Liability for Oil Pollution Damage (CLC) and the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (Fund Convention). However, the world's biggest oil consumer and importer - the United States - has ratified neither, preferring its own Oil Pollution Act of 1990 (OPA), and China - currently the world's second oil-consuming country - has not ratified the Fund Convention. Thus it is reasonable to compare the three regimes - international, US, and China - as such a comparative study may reveal some advantages or disadvantages among the three systems. Among the issues raised and tackled head-on by the author are the following: whether the contents of international conventions can be considered as the result of the influence of the various interest groups involve; overview of the regulations of marine pollution; technical standards, rules for operation, professional criteria; to what extent a state may take action against trans-boundary polluting activities; what liability a state may incur for non-action or non-effective action; significance for liability of the charter-party, generally considered the evidence of the hire of a ship, and the bill of lading, considered the evidence of the contract of carriage of goods by sea; the crucial role of the so-called 'International Group' of 13 Protection and Indemnity (P and I) Clubs, non-profit organizations specializing in liability insurance; the main international players - the International Maritime Organization (IMO), the Comit? Maritime International (CMI), and industry organizations such as INTERTANKO and the Oil Companies International Marine Forum (OCIMF); the particular regime on offshore facility pollution liability in the United States; port state control; criminal liability; and EU and other regional initiatives. In addition, a detailed study of the Erika case reveals some of the rationale for many of the persistent features of marine pollution liability regimes. The well-thought-out legal and economic analysis provided in this book, along with its clearly stated policy recommendations and constructive perspectives for future development of the liability system, will be immeasurably valuable to lawyers and policymakers active in this highly visible area of international law.
Author: Kenneth S. Abraham
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The BP oil spill of 2010 focused considerable attention on the operating conduct of BP, on the potential liability of BP and other entities associated with the Spill, and on the Fund that BP established to provide compensation to victims of the Spill. Much less attention has been paid, however, to the nature and scope of insurance covering losses caused by catastrophic environmental disasters such as oil spills. BP's establishment of the Gulf Coast Claims Facility, and the compensation that will be paid by that facility, are likely to dampen awareness of these mismatches. What might otherwise been a very dramatic demonstration of the ways in which our insurance and liability systems fall short in such situations will probably be much more muted. Future spills, however, may not follow this pattern. Understanding the structure of insurance and liability that are and are not available when spills occur is therefore critical to developing satisfactory approaches to dealing with the consequences of spills. This Article identifies the matches, and mismatches, between the losses resulting from oil spills, the insurance available to the victims of spills, the liability of the parties responsible for losses caused by spills, and the insurance available to the parties who face such liability. The Article then attempts to make sense of the situation it has identified, considering three explanations for the mismatches: difficulties associated with proving the cause of pure economic loss, traditional challenges to the insurance of pollution loss and liability, and pre-existing portfolio diversification by potential spill defendants that discourages the purchase of large amounts of insurance. Finally, the Article critically analyzes two proposals that have been made for remedying the insurance mismatches in this field: the imposition of an ex ante drillers' tax on the amount of their potential liability in excess of their combined assets and liability insurance, and the imposition of mandatory liability insurance requirements far in excess of the amounts of insurance that are currently available or purchased.
Author: Susan A. Fleming
Publisher: DIANE Publishing
ISBN: 1437935117
Category : Technology & Engineering
Languages : en
Pages : 27
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Book Description
On April 20, 2010, an explosion at the mobile offshore drilling unit Deepwater Horizon resulted in a massive oil spill in the Gulf of Mexico. The spill's total cost is unknown, but may result in considerable costs to the private sector, as well as federal, state, and local governments. The Oil Pollution Act of 1990 (OPA) set up a system that places the liability -- up to specified limits -- on the responsible party. The Oil Spill Liability Trust Fund (Fund), administered by the Coast Guard, pays for costs not paid for by the responsible party. This testimony focuses on: (1) how oil spills are paid for; (2) the factors that affect major oil spill costs; and (3) implications of major oil spill costs for the Fund. Charts and tables.
