Republican Senator James Inhofe has stepped up to the plate yet again for big oil, pledging a Republican filibuster against legislation offered by New Jersey's Robert Menendez that would completely lift the $75 million liability cap currently protecting big oil companies from claims of economic damage from oil spills.
Sam Stein describes the Menendez proposal:
Sen. Robert Menendez (D-N.J.) is set to introduce on Tuesday afternoon a bill that would fully eliminate any cap on the amount of economic damages that oil companies would have to pay for spills they've caused.
The New Jersey Democrat is revising an earlier version of legislation he introduced which would have raised the cap from $75 million dollars in liability to $10 billion. Now, the cap will be effectively unlimited, an aide said.
Inhofe says Republicans oppose unlimited caps because it would limit the ability of oil companies to drill for oil. That's bull. The only thing it would do is hold them accountable by limiting their ability to risk the livelihood of innocent third parties.
Wouldn't it be nice if a Republican like Scott Brown sided with Democrats and took a stand against this sort of corporate socialism? GOPers like Inhofe want corporations to enjoy unlimited profit with limited risk. For all the bellyaching by teabaggers about the financial bailouts, why are they silent about this sort of bailout? Brown has a real opportunity to show leadership. He should take it.