Deadline near for compliance with U. S. oil spill liability rules
The petroleum industry is keeping a close watch on the approaching deadline for compliance with tough new US rules on fiscal liability for oil spills. Interim final rules scheduled to go into effect Dec. 28 stem from the Oil Pollution Act of 1990 (OPA90). The designation of interim final'' rules leaves room for final adjustments on narrow issues. But in general, the rule swill stand as presently structured. OPA90 imposes liability for oil discharges from US and non-US flagged tankers, as well as ports, terminals, and offshore pipelines and other facilities. Tanker operators have voiced the most vigorous opposition to OPA90 because it could expose them to unlimited liability for damage caused by spills and will impose a phaseout on single hull tankers plying US waters. Scheduled to replace such takers are double hull vessels that carry a much bigger price tag. The paper describes provisions of OPA90, the current situation related to insurance coverage, pro and cons to the new rule, cost issues, oil firms, views, new insurers, and the mandatory excess insurance facility proposal.
- OSTI ID:
- 7262459
- Journal Information:
- Oil and Gas Journal; (United States), Vol. 92:31; ISSN 0030-1388
- Country of Publication:
- United States
- Language:
- English
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