Page 4 - Liability Cap News Today

That would be a pr disaster but their right under the constitution. >> i want to hit a couple other things. people say theres a $75 million liability cap thats in place and congress has their knickers in a bunch and we have to raise the liability cap. that liability cap first of all only pertains to -- does not apply to cleanup costs. secondly it doesnt apply in a case where federal regulations have been violated or in cases of gross negligence, right? >> the liability cap in my view was bad for...

That these beaches are open for business, and it is absolutely gorgeous here. >> mayor sara seevers, thanks so much for your time. all the best in this -- what is supposed to be a peak tourist season for you there in destin, florida. well try to keep tabs with you and see how business goes and if a lot of those cancellations that you experienced just in the month of may and now in june and july, if they pick up as a result of your campaign. thanks so much, mayor. >> thank you for getting the wor...

Petroleum should be commended for saying they are going to pay for all the damages that are legitimate, the liability cap under current law is $75 million and that is something that we are going look at whether it needs to be increased. number one, we need to get the oil to stop spilling. number two, we need to make sure that we dont stop drilling in the gulf of mexico. we need to take whatever actions legislatively and regularly we make sure in the future we minimize the chances of this type of...

>> mark potter, thanks so much for the live report. in the wake of that ongoing spill, president obama is vowing some tough new oversight on the industry to ensure a similar disaster doesnt happen again. lets go to mike viqueira at the white house. >> reporter: good morning, alex. following on that interesting report from mark potter, theres a debate in washington to list the liability cap. bp and these other companies right now under current law would be required to pay only $75 million in li...

They are on the hook for clean up costs but for fishermen, theres a liability cap at $75 million at which point the taxpayer comes in and starts rescuing these things. >> thats not so bad. i dont know if you heard. we have a printing press. we can just print the money. its not an issue. honestly. i dont know why bp has to pay anything. >> this comes from an 8 cent a gallon tax on oil thats pumped here. its the taxpayer that will pay. if youre not worried about the risk to your company about taki...

Cap for another hole. the clean-up effort continuing above sea level. amid new questions about how the obama administration handled the crisis. news out that the interior departments chief of staff, actually left to go on a rafting trip three days after the leak had been reported. two years ago, federal regulators told bp that it did not have to file a plan to handle an offshore oil disaster. good thing they didnt have a plan. the administration in full damage control mode today, sending homelan...

Were dealing with a convicted felon that killed 15 people and injured 170 in texas, because they were wanton and reckless. they havent changed. as a matter of fact, this person that landrieu is trying to defend, if you really look at everything, they have more of a history, $300 million fine against them, ed. one of the biggest fines for militanting price is in america. what they were trying -- >> mike, is she absolutely the poster child at this hour for protecting big oil? i mean, shes against ...

Senate campaign. do you have a response to mary landrieu? did you show enough concern for katrina and are you trying to shut down the oil industry in the gulf? a lot on the table, senator. we need you to answer to this stuff. >> lets talk about the oil industry. i wont shed any tears raise the liability cap to $10 billion when bp made $5.6 billion in three months, the first three months of this year. when the entire top five oil companies made about $25 billion in the first three months of this ...

Raised the liability cap. even if its per incident per company. how many players do we have in there? folks, this is a $500 billion mistake accident, mishap, whatever you want to call it. i just dont think $10 billion does it, even if youve got ten companies. the bottom line here is, is this -- why do i sense that americans havent grabbed the ripple effect that were going to be looking at in all of this? now, we have this fight breaking out over offshore drilling. congressman rush holt on the ed...

All legitimate claims will be honored. and i would add one further point. i think it is inevitable that the over-cap will be exceeded. >> the ceo of bp has stated that they expect to exceed the liability cap of $75 million. when i said, will you be responsible for the economic damages, he said that is something that we will have to work out in the future. >> reporter: now, after that meeting last night senator bill nelson there along with senators to introduce legislation, that would bump that c...