Uncapped Liability For Companies Responsible For Oil Spills?

Posted on July 2nd, 2010 by
   

The Senate Environment and Public Works Committee approved a new bill that would eliminate the $75m cap on liability arising from offshore spills, Maine, Colorado and Idaho receive good news about wind energy projects, and Austin & New York added to the list of roll-out cities for the Chevy Volt.

Transcription:

In response to the effects that the BP oil spill has had on the nation, the Senate Environment and Public Works Committee approved a new bill that’s chaired by Senator Barbara Boxer of California that would eliminate the $75m cap on liability arising from offshore spills. If Congress passes the legislation as well, oil companies who are responsible for oil spills would have an un-capped limit to the amount of compensation that could be required for clean-up costs.  President Obama is expected to endorse the passing and the bill would then be voted on by the full Senate within the next couple of months. But the bill isn’t expected to pass unanimously. Some Senators are concerned that a removal of the liability cap would increase the risk of offshore drilling to a point to where only the biggest oil companies would be willing to take on the large risk.

Lots of wind energy news to report. The department of Energy has awarded a $20 million grant to Maine to further develop offshore wind farms. Vestas Wind Systems has announced an order for 139 turbines for a new wind farm in Cedar Point Colorado, which, once built will make the wind farm the second-largest in Colorado.  And General Electric is investing $500 million to becoming a majority owner in 11 different wind farms in Idaho.  The wind farms will be have 122 GE-made 1.5-megawatt turbines installed with a capacity of up to 183 megawatts of electric power.

And finally, some new news about the launch of the Chevy Volt. Austin, Texas and New York  have been included as part of the group of cities who will get to see the new Chevy Volt first on their streets. 10,000 of the new plug-in models are expected to also roll out in Michigan, California, Connecticut, New Jersey Washington DC by the end of 2011 and 30,000 are expected to be produced for 2012.

Have thoughts or comments about today’s show, then please visit us at dailyenergyreport.com and let us know what you think.  That’s all of the time that we have for today. Thanks for watching and tune in next week to check out the latest Daily Energy Report. Have a great weekend.

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One Person has left comments on this post



» Robby Adamiak said: { Jul 6, 2010 - 04:07:30 }

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