Like Countable?

Install the App
TRY NOW

bill Progress


  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Senate Committee on Environment and Public Works
    IntroducedJune 21st, 2010

Bill Details

Official information provided by the Congressional Research Service. Learn more or make a suggestion.
The Congressional Research Service writes summaries for most legislation. These summaries are listed here. Countable will update some legislation with a revised summary, title or other key elements.

Suggest an update to this bill using our form.

Title

Guaranteed Oil Spill Compensation Act of 2010

Official Title

A bill to amend the Outer Continental Shelf Lands Act to prohibit a person from entering into any Federal oil or gas lease or contract unless the person pays into an Oil Spill Recovery Fund, or posts a bond, in an amount equal to the total of the outstanding liability of the person and any removal costs incurred by, or on behalf of, the person with respect to any oil discharge for which the person has outstanding liability, and for other purposes.

Summary

Guaranteed Oil Spill Compensation Act of 2010 - Amends the Outer Continental Shelf Lands Act to establish the Oil Spill Recovery Fund for payment of covered removal costs and damages described in the Oil Pollution Act of 1990 that are associated with a discharge, or substantial threat of discharge, of oil. Prohibits any person from entering into a federal oil or gas lease or contract after enactment of this Act unless the person pays into the Fund, or posts a bond, in an amount equal to the difference between: (1) the total of the outstanding liability of the person under the Oil Pollution Act of 1990 and any removal costs incurred by or on behalf of the person, with respect to any incident for which the person has outstanding liability; and (2) the outstanding balance in the Oil Spill Liability Trust Fund that is attributable to the person. Requires repayment of unexpended funds (plus interest) upon the earlier of either five years after amounts were paid by the person into the Fund or the date on which the Secretary determines that all federal and state natural resource damage assessments and all outstanding civil claims relating to the incident for which the amounts were paid have been satisfied. Establishes as a separate item, for purposes of the President's budget submission, a statement that includes the estimated amount of Fund deposits, obligations, and outlays.

    There are currently no opinions on this bill, be the first to add one!