We've received several telephone calls from reporters who are wondering who pays for oil spill cleanup activities. With regard to the Deepwater Horizon spill, BP has assumed responsibility for the cleanup.
As BP America President and Chairman Lamar McKay told a Senate panel yesterday, "No resource available to this company will be spared." He added, "Our obligation is to deal with the spill, clean it up and make sure the impacts of that spill are compensated, and we're going to do that."
There also is a federal Oil Spill Liability Trust Fund, which amounts to an insurance policy supported and funded by the oil industry to make sure there are adequate resources to pay for oil spill damages.
But before any money from the trust fund can be used, the responsible company must pay ALL of the r... more »
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