Obama Backs Lifting $75 Million Liability Cap for BP
Sam Stein at the Huffington Post reports that President Obama has come out in support of lifting the $75 million liability cap for oil spillers. Congress had hoped to raise the liability cap to $10 billion, but Sen. James Inhofe (R-Okla.) blocked the measure single-handedly. Now, Stein reports, the White House has backed new legislation to make oil companies liable for unlimited amounts for the economic damage caused by oil spills.
“The President supports removing caps on liability for oil companies engaged in offshore drilling,” White House spokesman Ben LaBolt told Stein. “Oil companies should have every incentive to maximize safety and arbitrary caps on liability create a disincentive to achieve that goal.”