Page 10 - Liability Cap News Today : Breaking News, Live Updates & Top Stories | Vimarsana

>> good to be with you. >> "the new york times" details how candidates are bringing the gulf into their campaigns whether they live in the gulf or not. they call it, i'm quoting here, a war shock test in which each of the opposing sides see proof of the larger narrative. where do you see the larger narrative in terms of the upcoming campaigns? >> i think the clear issue, chris, is the distinction that this draws between the two parties. the president has enabled us to get an escrow fund from bp and the president has talked about the need for additional regulations, lifting the liability cap an...

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Respond. what kind of boom do they have, what kind of preparation do they have for the worst case scenario or what we are seeing from bp is the way the other companies respond. i think the answer to that is yes or otherwise that would have been deployed in the gulf. third, will they be willing to support lifting the liability cap. $75 million for a spill that ultimately that could cost $20 billion to $40 billion is not a sufficient disincentive for companies to engage in the safest possible drilling practices. there cannot be a liability cap. we want to know whether or not the oil industry wil...

>> well, shep, not surprisingly, the president and chairman of bp america wasn't willing to toss around any exact figures. instead lamar mckay who was seen screen left on swearing in vowed that only bp would clean all necessary clean up cost and all legitimate damage claims. did that include the fishing and tourism industries? all legitimate claims he repeated. one senator proposed increasing by more than 10 fold the current 75-million-dollar liability cap. >> so, do you have a problem? you earned $5.6 billion in the last quarter alone, do you and the industry have a problem with a 10 billion-...

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