PANAMA CITY — The U.S. Bureau of Ocean Energy Management (BOEM) has announced a raise in the liability cap for offshore oil spill-related damages.
The agency used its administrative authority to raise the cap from $75 million to $134 million, an action that was based on the pace of inflation and the maximum amount allowed under the law.
The action will help ensure offshore facilities that violate the law, pollute or harm the economy are held responsible for damages.
As BOEM outlined, the 2010 BP oil spill caused billions in damages to the coastal economy and environment.
In a press release issued Friday, Gulf Restoration Network executive director Cyn Sarthou called upon Congress to follow BOEM's lead in raising the liability cap.
"In its final report, the bipartisan National Commission on the BP Deepwater Horizon Oil Spill called on Congress to significantly increase liability caps for offshore facilities, yet this recommendation has been ignored. BOEM has taken action and now it’s time for Congress to step up too."
