The House spill bill that passed today will cost American jobs, slow economic growth and will place our energy security at risk.
This is an anti-jobs, anti-consumer and anti-energy bill. Instead of addressing the risks of offshore development by improving safety and establishing a robust system for covering the costs of possible future accidents, this bill effectively bans development and sends thousands of workers in offshore communities to the unemployment lines.
The unlimited liability provisions will drive the vast majority of American companies out of U.S. waters because they will not be able to obtain insurance coverage. Those remaining will be subject to huge cost hikes, reducing energy production, economic growth, American jobs and government revenues.
While the House recognized th... more »