The Oil Pollution Act (OPA) of 1990 set a $75 million liability cap beyond direct cleanup costs for any offshore oil spill. OPA also created a $1 billion Liability Trust Fund paid for by a 5-cent-per-barrel tax on the oil industry, later increased to 8-cents-per-barrel. Politico’s David Rogers reported May 10th that “payments from the fund — which covers not only damage claims but also restoring natural habitat, for example — are capped at $1 billion per incident. And while BP, as the responsible party, is charged with paying the full cost of the cleanup and oil removal, … Continue Reading