Today, aides for Senate Majority Leader Harry Reid (D-Nev) outlined a slimmed back energy and oil spill bill that would:
1) Lift the $75 million liability cap on oil spill damages.
“In its place, the amendment provides that such responsible parties shall be liable for all costs of removal and all of the categories of other damages described in Section 1002 of the OPA, including damages for injury to natural resources; destruction of real or personal property; loss of subsistence use of natural resources; lost revenues of governmental entities; lost business profits and individuals’ earning capacity; and costs of public services.”
This provision is written to be to include the BP oil spill.
2) Provide $5 billion for home energy upgrades as part of the Home Star program.
3) Encourage the purchase and production of vehicles that run on electricity and natural gas.
4) Increase the tax oil companies pay into the Oil Spill Liability Trust Fund.
The draft summary of the legislation is available here:
According to Reuters, President Barack Obama said he’d keep pushing for more comprehensive climate change legislation.
“Obama said it was “an important step in the right direction” but it was not enough.
“I want to emphasize it’s only the first step and I intend to keep pushing for broader reform, including climate legislation,” he told reporters in the White House Rose Garden after meeting with congressional leaders.
“If we’ve learned anything from the tragedy in the Gulf, it’s that our current energy policy is unsustainable.”
What do you think of the new energy bill?
If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.
Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.
When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.