Politico's Josh Gerstein reports the administration now acknowledges that the ability for individuals to recover economic damages from British Petroleum will be hampered by a 1990 law limiting the liability of oil companies under Federal law for economic damages from spills to $75 million.
"Let's be clear: BP is responsible for — and will be held accountable for — the very significant clean-up and recovery costs," Office of Management and Budget spokesman Ken Baer said Monday evening. "If BP is found to be grossly negligent or to have engaged in willful misconduct or conduct in violation of federal regulations, then there is no cap under the Oil Pollution Act for damages. In addition, BP could be liable for damages under additional applicable federal and state laws. You can be sure that BP will be held accountable to the full extent of the law."
REST AT http://www.jedreport.com/2010/05/oil-spill-bailout-socialism.html
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