WASHINGTON, May 13 (UPI) -- U.S. Senate Republicans and Democrats said Thursday that the liability cap on oil companies operating offshore needs to be raised.
Current law caps producers' liability at $75 million, but The Hill reported proposals in the works that would raise that cap to $10 billion or even $20 billion.
Senate Democrats moved Thursday to put legislation on the fast track that would bump the cap to $10 billion.
Sen. Lisa Murkowski, R-Alaska, objected to the Democrats' attempt to gain unanimous consent for their bill, which torpedoed their hopes for quick passage. She said the higher cap would squeeze smaller offshore producers out of the market.
Gulf Coast Republicans David Vitter and Jeff Sessions offered a proposal based on the quarterly profits of the oil company responsible for a particular spill. The Hill said the senators indicated BP could be on the hook for as much as $20 billion.
