Murkowski Backs BP Bailout

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


Democrats this afternoon attempted to bring up their Big Oil Bailout Prevention Act, a measure that would raise the liability cap for major spills like that currently underway in the Gulf to $10 billion. Under the current law, BP could be on the hook for only $75 million total for the spill—which is far, far less than this spill is going to cost.

Even a $10 billion cap could still be too low; some analysts predict that the total cost of the BP spill could hit $14 billion. Raising the cap, one might think, would be a popular move for Congress. It would both force BP to pay up all it owes to the Gulf Coast, and also ensure that any companies that embark on risky drilling ventures do a better job of ensuring safety and adequate clean-up plans. BP could surely afford to pay the full costs; after all, the company pulled in $5.6 billion in profits in just the first quarter of this year. But Republicans objected to the move.

The block was led by Alaska Republican Lisa Murkowski who valiantly stood up for the rights of oil companies, big and small, to dump oil into our waterways with little fear of liability:

The reason I stand and object at this point in time is I don’t believe that taking the amount of the cap, if you will, the liability cap from $75 million, where it currently is, to $10 billion in strict liability, 133 times the size of the current strict liability limit, is where we need to be right now.

This has been named the “Big Oil Bailout Prevention Liability Act.” But I think you’ve got some irony here in that what this would do is give all of America’s offshore oil resources to the biggest of Big Oil. It would be impossible or perhaps close to impossible for any energy company that is smaller than the super majors, smaller than the national oil companies, to operate in the OCS. $10 billion in strict liability would preclude their ability to obtain financing, to obtain the bonds or insurance for any exploration, and look at who is producing in the offshore? It’s the independents. They produce two-thirds of natural gas, one-third of the oil.

Yep, just sticking up for the little guys.

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate