"A bill to increase the liability cap for oil spills from $75 million to $10 billion was defeated Thursday by Sen. Lisa Murkowski, R-Alaska.
Bill S.3305, the "Big Oil Bailout Prevention Liability Act" would cap BP's liability at $10 billion, even if damages from the gulf oil spill surpass that figure. The company already estimates that spill will cost $450 million to clean up.
Murkowski, a drilling supporter, has received almost $300,000 in campaign contributions from the oil and gas industry. While Murkowski said that she supports raising the cap, she argued that the $10 billion figure would prohibit all but the biggest of oil companies from drilling oil offshore."
Huffington Post had the story May 14, 2010.
Source: Huffington Post, 05/14/2010
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