Our coastal region has been hit by a corporate-made disaster that has caused tragic loss of life, livelihood, and endangered our environment and ocean-based economy. The magnitude of this tragedy can't be minimized, and the liability of the corporations involved should not be limited.
5,000 barrels of oil are spilling into our Gulf waters everyday at a cost of $16 million per day for containment and cleanup efforts. The corporations responsible are now pulling out their slick legal tactics to hide behind antiquated law to limit liability, while their GOP partners block legislation that would hold these billion dollar corporations accountable for the billions of dollars this disaster will end up costing America.
Our coastal economy generates more than $230 billion in revenue, and provides millions of jobs based on clean water, pristine beaches, and healthy fish. The price tag for the BP oil disaster could go as high as $14 billion, including cleanup expenses and related damages. BP will pay for cleanup costs it directly incurs, but their liability for economic damages is capped inadequately at $75 million under current federal law.
Oil companies need stronger incentives to act responsibly, and this means holding them accountable for the costs of their actions. The Big Oil Bailout Prevention Act would retroactively replace the $75 million liability cap with a $10 billion cap. In addition to raising their liability, the penalties for safety and regulatory infractions must be raised considerably for these billion dollar corporations to take the necessary precautionary actions to limit these disasters.
BP earned about $62 million per day during the first quarter of 2010, and the oil industry has been allowed to dictate US regulations for too long by pouring money into Congressional campaign funds. The oil and gas industry is the 2nd highest donor to Lamar Smith's career contributions at almost $400,000. Their influence over US regulations has resulted in inadequate safety requirements. We should not allow any corporation to drill off of our coasts without exhibiting proof of fail-safe technology, the equipment and resources to respond quickly and effectively to any possible accident, and the finances to spend the billions of dollars possible to cover all damages from possible disasters.
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Lainey Melnick
Candidate for US Congress
Texas 21st District
http://www.LaineyForCongress.com
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