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Oil Spills Cost Of Major Spills May Impact Viability Of Oil Spill Liability Trust Fund
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Author :United States Government Account Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781983819520 Total Pages :28 pages Book Rating :4.8/5 (195 download)
Book Synopsis Oil Spills by : United States Government Account Office
Download or read book Oil Spills written by United States Government Account Office and published by Createspace Independent Publishing Platform. This book was released on 2018-01-13 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil Spills: Cost of Major Spills May Impact Viability of Oil Spill Liability Trust Fund
Book Synopsis Oil Spills: Cost of Major Spills May Impact Viability of Oil Spill Liability Trust Fund by : Susan A. Fleming
Download or read book Oil Spills: Cost of Major Spills May Impact Viability of Oil Spill Liability Trust Fund written by Susan A. Fleming and published by DIANE Publishing. This book was released on 2010-10 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: On April 20, 2010, an explosion at the mobile offshore drilling unit Deepwater Horizon resulted in a massive oil spill in the Gulf of Mexico. The spill's total cost is unknown, but may result in considerable costs to the private sector, as well as federal, state, and local governments. The Oil Pollution Act of 1990 (OPA) set up a system that places the liability -- up to specified limits -- on the responsible party. The Oil Spill Liability Trust Fund (Fund), administered by the Coast Guard, pays for costs not paid for by the responsible party. This testimony focuses on: (1) how oil spills are paid for; (2) the factors that affect major oil spill costs; and (3) implications of major oil spill costs for the Fund. Charts and tables.
Book Synopsis Oil Spills by : U.s. Government Accountability Office
Download or read book Oil Spills written by U.s. Government Accountability Office and published by . This book was released on 2017-08-15 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: "On April 20, 2010, an explosion at the mobile offshore drilling unit Deepwater Horizon resulted in a massive oil spill in the Gulf of Mexico. The spill's total cost is unknown, but may result in considerable costs to the private sector, as well as federal, state, and local governments. The Oil Pollution Act of 1990 (OPA) set up a system that places the liability-up to specified limits-on the responsible party. The Oil Spill Liability Trust Fund (Fund), administered by the Coast Guard, pays for costs not paid for by the responsible party.GAO previously reported on the Fund and factors driving the cost of oil spills and is beginning work on the April 2010 spill. This testimony focuses on (1) how oil spills are paid for, (2) the factors that affect major oil spill costs, and (3) implications of major oil spill costs for the Fund. It is largely based on GAO's 2007 report, for which GAO analyzed oil spill cost data and reviewed documentation on the Fund's balance and vessels' limits of liability. To update the report, GAO obtained information from and interviewed Coast Guard officials. "
Book Synopsis Oil Spills by : U S Government Accountability Office (G
Download or read book Oil Spills written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Government Accountability Office (GAO) is an independent agency that works for Congress. The GAO watches over Congress, and investigates how the federal government spends taxpayers dollars. The Comptroller General of the United States is the leader of the GAO, and is appointed to a 15-year term by the U.S. President. The GAO wants to support Congress, while at the same time doing right by the citizens of the United States. They audit, investigate, perform analyses, issue legal decisions and report anything that the government is doing. This is one of their reports.
Download or read book Oil Spills written by Susan A. Fleming and published by . This book was released on 2010 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Maritime Transportation: Major Oil Spills Occur Infrequently, but Risks to the Federal Oil Spill Fund Remain by :
Download or read book Maritime Transportation: Major Oil Spills Occur Infrequently, but Risks to the Federal Oil Spill Fund Remain written by and published by DIANE Publishing. This book was released on 2007 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Oil Spill Costs and Impacts by : Robert H. Urwellen
Download or read book Oil Spill Costs and Impacts written by Robert H. Urwellen and published by . This book was released on 2009 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: When oil spills occur in U.S. waters, federal law places primary liability on the vessel owner or operator -- that is, the responsible party -- up to a statutory limit. As a supplement to this "polluter pays" approach, a federal Oil Spill Liability Trust Fund administered by the Coast Guard pays for costs when a responsible party does not or cannot pay. This book is based on a GAO report on oil spill costs and select program updates on the recent San Francisco spill. Specifically, it answers three questions: (1) How many major spills (i.e., at least $1 million) have occurred since 1990, and what is their total cost? (2) What factors affect the cost of spills? and (3) What are the implications of major oil spills for the Oil Spill Liability Trust Fund?
Book Synopsis Oil Spills in U. S. Coastal Waters by : Jonathan L. Ramseur
Download or read book Oil Spills in U. S. Coastal Waters written by Jonathan L. Ramseur and published by DIANE Publishing. This book was released on 2010-11 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Background: Oil Spills (OS) in U.S. Coastal Waters; Impacts of OS in Aquatic Environ.: Acute Impacts; Chronic Impacts; Ecosystem Recovery; Econ. Costs of OS: Cleanup Costs; Natural Resources Damages; Other Econ. Costs; (2) OS Governance: Federal Authorities: Exxon Valdez OS: 1990 Oil Pollution Act; Other Fed. Laws; Internat. Conventions: MARPOL 73/78; Intervention Convention; Fed. Agencies Responsibilities: Response; Prevention and Preparedness; Fed. Funding for the OS Liab. Trust Fund: Background; Trust Fund Ceiling; Fund Projections, and Vulnerability; State Laws; (3) Threat of Future OS in U.S. Coastal Waters: Possibilities for Future OS: U.S. Oil Imports and Possible OS; Level of Preparedness. Illustrations.
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781976399831 Total Pages :34 pages Book Rating :4.3/5 (998 download)
Book Synopsis Maritime Transportation by : United States Government Accountability Office
Download or read book Maritime Transportation written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-16 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: waters, federal law places primary liability on the vessel owner or operator-that is, the responsible party-up to a statutory limit. As a supplement to this "polluter pays" approach, a federal Oil Spill Liability Trust Fund administered by the Coast Guard pays for costs when a responsible party does not or cannot pay. This testimony is based on GAO's September 2007 report on oil spill costs and select program updates on the recent San Francisco spill. Specifically, it answers three questions: (1) How many major spills (i.e., at least $1 million) have occurred since 1990, and what is their total cost? (2) What factors affect the cost of spills? and (3) What are the implications of major oil spills for the Oil Spill Liability Trust Fund?
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781976394256 Total Pages :52 pages Book Rating :4.3/5 (942 download)
Book Synopsis Maritime Transportation by : United States Government Accountability Office
Download or read book Maritime Transportation written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-15 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: When oil spills occur in U.S. waters, federal law places primary liability on the vessel owner or operator-that is, the responsible party-up to a statutory limit. As a supplement to this "polluter pays" approach, a federal Oil Spill Liability Trust Fund administered by the Coast Guard pays for costs when a responsible party does not or cannot pay. The Coast Guard and Maritime Transportation Act of 2006 directed GAO to examine spills that cost the responsible party and the Fund at least $1 million. This report answers three questions: (1) How many major spills (i.e., $1 million or more) have occurred since 1990, and what is their total cost? (2) What factors affect the cost of spills? and (3) What are the implications of major oil spills for the Oil Spill Liability Trust Fund? GAO's work to address these objectives included analyzing oil spill costs data, interviewing federal, state, and private-sector officials, and reviewing Coast Guard files from selected spills.
Book Synopsis Maritime Transportation by : Susan A. Fleming
Download or read book Maritime Transportation written by Susan A. Fleming and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: When oil spills occur in U.S. waters, federal law places primary liability on the vessel owner or operator--that is, the responsible party--up to a statutory limit. As a supplement to this "polluter pays" approach, a federal Oil Spill Liability Trust Fund administered by the Coast Guard pays for costs when a responsible party does not or cannot pay. This testimony is based on GAO's September 2007 report on oil spill costs and select program updates on the recent San Francisco spill. Specifically, it answers three questions: (1) How many major spills (i.e., at least $1 million) have occurred since 1990, and what is their total cost? (2) What factors affect the cost of spills? and (3) What are the implications of major oil spills for the Oil Spill Liability Trust Fund? On the basis of cost information collected from a variety of sources, GAO estimates that 51 spills with costs of at least $1 million have occurred from 1990 to 2006 and that responsible parties and the federal Oil Spill Liability Trust Fund (Fund) have spent between $860 million and $1.1 billion for oil spill removal costs and compensation for damages (e.g., lost profits and natural resource damages). Since removal costs and damage claims may stretch out over many years, the costs of the spills could rise. The 51 spills varied greatly from year to year in number and cost. All vessel types were involved with the 51 major spills GAO identified, with cargo/freight vessels and tank barges involved with 30 of the 51 spills. According to industry and agency officials, three main factors affect the cost of spills: a spill's location, the time of year, and the type of oil spilled. Spills that occur in remote areas, for example, can increase costs involved in mobilizing responders and equipment. Similarly, a spill occurring during tourist or fishing season might produce substantial compensation claims, while a spill occurring during another time of year may not be as costly. The type of oil affects costs in various ways: fuels like gasoline or diesel fuel may dissipate quickly but are extremely toxic to fish and plants, while crude oil is less toxic but harder to clean up. The total costs of the recent San Francisco oil spill are unknown, but these identified factors are likely to influence the costs. To date, the Fund has been able to cover costs from major spills that responsible parties have not paid, but risks remain. Specifically, GAO's analysis shows that the new 2006 limits of liability for tank barges remain low relative to the average cost of such spills. Since 1990, the Oil Pollution Act (OPA) required that liability limits be adjusted above the limits set forth in statute for significant increases in inflation, but such changes have never been made. Not making such adjustments between 1990 and 2006 potentially shifted an estimated $39 million in costs from responsible parties to the Fund
Book Synopsis Maritime Transportation by : United States. Government Accountability Office
Download or read book Maritime Transportation written by United States. Government Accountability Office and published by . This book was released on 2007 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: When oil spills occur in U.S. waters, federal law places primary liability on the vessel owner or operator--that is, the responsible party--up to a statutory limit. As a supplement to this "polluter pays" approach, a federal Oil Spill Liability Trust Fund administered by the Coast Guard pays for costs when a responsible party does not or cannot pay. The Coast Guard and Maritime Transportation Act of 2006 directed GAO to examine spills that cost the responsible party and the Fund at least $1 million. This report answers three questions: (1) How many major spills (i.e., $1 million or more) have occurred since 1990, and what is their total cost? (2) What factors affect the cost of spills? and (3) What are the implications of major oil spills for the Oil Spill Liability Trust Fund? GAO's work to address these objectives included analyzing oil spill costs data, interviewing federal, state, and private-sector officials, and reviewing Coast Guard files from selected spills.
Book Synopsis Liability and Compensation Issues Raised by the 2010 Gulf Oil Spill by : Jonathan L. Ramseur
Download or read book Liability and Compensation Issues Raised by the 2010 Gulf Oil Spill written by Jonathan L. Ramseur and published by DIANE Publishing. This book was released on 2011-06 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2010 Deepwater Horizon (DH) incident produced the largest oil spill that has occurred in U.S. waters, releasing more than 200 million gallons into the Gulf of Mexico. BP has estimated the combined oil spill costs will be approx. $41 billion. The DH oil spill raised many issues for policymakers, incl. the ability of the existing oil spill liability and compensation framework to respond to a catastrophic spill. Contents of this report: (1) Intro.; (2) Existing Liability and Compensation Framework: Responsible Party; Liability Limits; Financial Responsibility; The Oil Spill Liability Trust Fund; Compensation or Claims Process; (3) Issues for Policymakers: Liability Limits; Per-Incident Cap; Level of Funding; Claims Process. This is a print on demand report.
Author :United States. Congress. House. Committee on Transportation and Infrastructure Publisher : ISBN 13 : Total Pages :256 pages Book Rating :4.:/5 (318 download)
Book Synopsis Liability and Financial Responsibility for Oil Spills Under the Oil Pollution Act of 1990 and Related Statutes by : United States. Congress. House. Committee on Transportation and Infrastructure
Download or read book Liability and Financial Responsibility for Oil Spills Under the Oil Pollution Act of 1990 and Related Statutes written by United States. Congress. House. Committee on Transportation and Infrastructure and published by . This book was released on 2010 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :U. s. Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781478111689 Total Pages :64 pages Book Rating :4.1/5 (116 download)
Book Synopsis Deepwater Horizon Oil Spill by : U. s. Government Accountability Office
Download or read book Deepwater Horizon Oil Spill written by U. s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2012-06-22 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO-12-86. On April 20, 2010, an explosion of the Deepwater Horizon oil rig leased by BP America Production Company (BP) resulted in a significant oil spill. GAO was requested to (1) identify the financial risks to the federal government resulting from oil spills, particularly Deepwater Horizon, (2) assess the Coast Guard's internal controls for ensuring that processes and payments for spill-related cost reimbursements and claims related to the spill are appropriate, and (3) describe the extent to which the federal government oversees the BP and Gulf Coast Claims Facility cost reimbursement and claims processes. We issued status reports in November 2010 and April 2011. This is the third and final report related to these objectives. We obtained and analyzed data on costs incurred from April 2010 through May 2011 and claims submitted and processed from September 2010 through May 2011. We reviewed relevant policies and procedures, interviewed officials and staff at key federal departments and agencies, and tested a sample of claims processed and cost reimbursements paid for compliance with internal controls. Both the individual circumstances of the Deepwater Horizon incident, as well as the overall framework for how the federal government responds to oil spills, present a mix of evolving, but as yet uncertain, financial risks to the federal government and its Oil Spill Liability Trust Fund (Fund). The extent of financial risks to the federal government from the Deepwater Horizon is closely tied to BP and the other responsible parties. BP established a $20 billion Trust to pay for individual and business claims and other expenses. As of May 31, 2011, BP has paid over $700 million of federal and state government costs for oil spill cleanup. Federal agency cleanup and restoration activities are under way and agencies continue to incur costs and submit them for reimbursement. However, the full extent of these costs, particularly those related to environmental cleanup, may not be fully realized for some time. As cleanup costs continue to mount, it is possible that expenditures from the Fund will reach the $1 billion total expenditure per incident cap. Expenditures were over $626 million on May 31, 2011. If these amounts reach the total expenditure cap of $1 billion, the Fund can no longer be used to make payments to reimburse agencies' costs (or to pay valid individual or business claims if not paid by the responsible parties). At that point, government agencies would no longer be able to obtain reimbursement for their costs. In November 2010, GAO suggested that Congress may want to consider setting a Fund per incident cap based on net expenditures (expenditures less reimbursement), rather than total expenditures. Finally, GAO found the federal government's longer-term ability to provide financial support in response to future oil spills is also at risk because the Fund's primary source of revenue, a tax on petroleum products, is scheduled to expire in 2017. GAO's testing of the Coast Guard's internal controls over Deepwater Horizon claims processed and cost reimbursements processed and paid showed that adjudicated claims processed and costs reimbursed were appropriate and properly documented. In November 2010, GAO made four recommendations regarding establishing and maintaining effective cost reimbursement policies and procedures for the Fund. ~
Book Synopsis Understanding Oil Spills and Oil Spill Response by :
Download or read book Understanding Oil Spills and Oil Spill Response written by and published by . This book was released on 1993 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Responding to Oil Spills in the U.S. Arctic Marine Environment by : National Research Council
Download or read book Responding to Oil Spills in the U.S. Arctic Marine Environment written by National Research Council and published by National Academies Press. This book was released on 2014-08-01 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: U.S. Arctic waters north of the Bering Strait and west of the Canadian border encompass a vast area that is usually ice covered for much of the year, but is increasingly experiencing longer periods and larger areas of open water due to climate change. Sparsely inhabited with a wide variety of ecosystems found nowhere else, this region is vulnerable to damage from human activities. As oil and gas, shipping, and tourism activities increase, the possibilities of an oil spill also increase. How can we best prepare to respond to such an event in this challenging environment? Responding to Oil Spills in the U.S. Arctic Marine Environment reviews the current state of the science regarding oil spill response and environmental assessment in the Arctic region north of the Bering Strait, with emphasis on the potential impacts in U.S. waters. This report describes the unique ecosystems and environment of the Arctic and makes recommendations to provide an effective response effort in these challenging conditions. According to Responding to Oil Spills in the U.S. Arctic Marine Environment, a full range of proven oil spill response technologies is needed in order to minimize the impacts on people and sensitive ecosystems. This report identifies key oil spill research priorities, critical data and monitoring needs, mitigation strategies, and important operational and logistical issues. The Arctic acts as an integrating, regulating, and mediating component of the physical, atmospheric and cryospheric systems that govern life on Earth. Not only does the Arctic serve as regulator of many of the Earth's large-scale systems and processes, but it is also an area where choices made have substantial impact on life and choices everywhere on planet Earth. This report's recommendations will assist environmentalists, industry, state and local policymakers, and anyone interested in the future of this special region to preserve and protect it from damaging oil spills.
