H.R.5214 - Big Oil Bailout Prevention Act of 2010

To require oil polluters to pay the full cost of oil spills, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Big Oil Bailout Prevention Act of 2010 as introduced.
  • Official: To require oil polluters to pay the full cost of oil spills, and for other purposes. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
05/05/10
 
 
 
 
 
 
 

Official Summary

Big Oil Bailout Prevention Act of 2010 - Amends the Oil Pollution Act of 1990 to: (1) increase the liability of the party responsible for an offshore facility, except a deepwater port, from which oil is discharged into or upon navigable waters or adjoining shorelines to the total of all dis

Official Summary

Big Oil Bailout Prevention Act of 2010 - Amends the Oil Pollution Act of 1990 to:
(1) increase the liability of the party responsible for an offshore facility, except a deepwater port, from which oil is discharged into or upon navigable waters or adjoining shorelines to the total of all discharge removal costs plus $10 billion (currently, $75 million) for each incident; and
(2) direct the President to promulgate regulations to allow advance payments from the Oil Spill Liability Trust Fund to states and localities to prepare for and mitigate substantial threats from the discharge of oil. Amends the Internal Revenue Code to eliminate:
(1) the $1 billion per incident limitation on expenditures from the Oil Spill Liability Trust Fund for cleanup of oil spills: and
(2) restrictions on the borrowing authority of such Trust Fund. Makes this Act effective on April 15, 2010.

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