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‘Big Oil Bailout Act’ Attempts to Raise Oil Spill Liability to $10 Billion

May 6, 2010 – Legislation introduced by congress dubbed the “Big Oil Bailout Prevention Act” attempts to raise liability for damages from oil spills such as last month’s in the Gulf of Mexico from $75 million to $10 billion.

The Act has already received widespread support from both houses of congress, as well as from House Speaker Nancy Pelosi and the White House.

Current laws limit liability to $75 million on top of the company’s responsibility for the direct costs of the cleanup. BP has said it will pay all “legitimate claims” for damages from the spill now threatening Gulf Coast fisheries, wildlife, and recreation facilities. The company also stated that it expects to fork over more than the current $75 million cap.

It is still uncertain as to whether the bill would be applied retroactively to apply to BP’s liability in the Deepwater Horizon disaster. President Obama has repeatedly insisted that BP foot the bill for the spill, and White House Communications Director Dan Pfeiffer said in a website posting that the administration strongly supports raising the cap as part of an effort to “aggressively pursue compensation from BP.”

Do I have an Oil Spill Lawsuit?

The Environmental Litigation Group at our law firm is an experienced team of trial lawyers that focus exclusively on the representation of plaintiffs in environmental catastrophe lawsuits. We are handling individual litigation throughout the Gulf Coast and currently accepting new oil spill cases in all affected states.

If you or somebody you know has suffered an economic loss related to your Gulf Coast business or coastal property, you should contact our law firm immediately. You may be entitled to compensation by filing an oil spill lawsuit and we can help.  We are currently accepting cases and/or claims in Texas, Louisiana, Mississippi, Alabama and Florida.

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