Oil Industry Pleased With Spill Bill Delay
The oil industry praised the decision by Senate Majority Leader Harry Reid (D-Nev.) to punt on his oil spill and energy bill until after the August recess, arguing that the legislation is “not an effective or reasoned response to the spill.”
For more on the delay, see my story.
In a statement, American Petroleum Institute President Jack Gerard said:
Among the legislation’s shortcoming is the elimination of the cap on oil spill liability. Unlimited liability for spill damages would force most oil and natural gas companies out of the Gulf of Mexico because they would be unable to purchase insurance. This would put thousands of American jobs at risk and reduce the energy supplies we get from the Gulf.