Republican Senator James Inhofe has stepped up to the plate yet again for big oil, pledging a Republican filibuster against legislation offered by New Jersey's Robert Menendez that would completely lift the $75 million liability cap currently protecting big oil companies from claims of economic damage from oil spills.Really? Are they down to their last hundred billion?Sam Stein describes the Menendez proposal:
Inhofe says Republicans oppose unlimited caps because it would limit the ability of oil companies to drill for oil.Sen. Robert Menendez (D-N.J.) is set to introduce on Tuesday afternoon a bill that would fully eliminate any cap on the amount of economic damages that oil companies would have to pay for spills they've caused.
The New Jersey Democrat is revising an earlier version of legislation he introduced which would have raised the cap from $75 million dollars in liability to $10 billion. Now, the cap will be effectively unlimited, an aide said.