"White House Proposes Bill to Lift Caps on Offshore Oil Spill Liability"

"President Obama put his weight today behind legislative efforts to lift liability caps for oil spills.

The administration is sending a wide-ranging spill-response package to Capitol Hill that includes raising the $75 million cap on economic damages. It would also seek to accelerate assistance to people left unemployed by the spill, expand eligibility for food stamps and raise an 8-cent-per-barrel oil tax by 1 cent.

The cap on natural resource damages would be raised from $500 million to $750 million. Some lawmakers have said the cap on economic damages, such as lost wages or canceled hotel bookings, should be raised to $10 billion. But the administration did not offer its recommendation as to what the cap should be."

Mike Soraghan reports for Greenwire May 12, 2010.

Source: Greenwire, 05/13/2010