[lbo-talk] Oil Spill Doublespeak

[michael perelman]

"White House officials stressed again Monday that BP would be held 
liable for the cost of the cleanup and economic compensation for losses 
on the Gulf Coast. But Democratic senators said the Oil Pollution Act of 
1990, passed in the wake of the Exxon Valdez, caps economic damage 
liability at $75 million. Democratic Sens. Bill Nelson of Florida and 
Robert Menendez and Frank Lautenberg of New Jersey introduced 
legislation to raise that cap to $10 billion."

Ball, Jeffrey, Stephen Power, and Russell Gold. 2010. "Oil Agency Draws 
Fire: Republican Seeks Scrutiny of Regulator; BP Tries Well Fix." Wall 
Street Journal (4 May): A 1.

http://online.wsj.com/article/SB20001424052748704342604575221943592328492.html#mod=todays_us_page_one
-- 
Michael Perelman
Economics Department
California State University
Chico, CA
95929

530 898 5321
fax 530 898 5901
http://michaelperelman.wordpress.com