Oil Spill Liability Trust Fund
E31163
The Oil Spill Liability Trust Fund is a U.S. federal fund that provides money for oil spill cleanup and damages when responsible parties cannot or do not pay.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
federal trust fund
→
oil spill response fund → |
| administeredBy |
U.S. Coast Guard
→
U.S. Coast Guard National Pollution Funds Center → |
| claimantsInclude |
federal agencies
→
local governments → private parties → state governments → tribal governments → |
| country |
United States
→
|
| covers |
governmental response costs
→
loss of profits and earning capacity → loss of subsistence use of natural resources → natural resource damages → property damage → removal costs → |
| createdBy |
Oil Pollution Act of 1990
→
|
| currency |
USD
→
|
| effectiveFrom |
1990
→
|
| fundingSource |
civil penalties
→
cost recoveries from responsible parties → interest on invested funds → per-barrel tax on domestic crude oil and imported petroleum products → |
| jurisdiction |
United States federal government
→
|
| legalBasis |
Internal Revenue Code
→
Oil Pollution Act of 1990 → |
| managedBy |
U.S. Department of Homeland Security through the U.S. Coast Guard
→
|
| oversightBy |
U.S. Congress
→
|
| predecessor |
1986 Oil Spill Liability Trust Fund (not fully activated until OPA 90)
→
|
| purpose |
ensure prompt oil spill response when responsible parties are unable to pay
→
ensure prompt oil spill response when responsible parties are unknown → ensure prompt oil spill response when responsible parties do not pay → provide funds for oil spill damages → provide funds for oil spill removal costs → |
| relatedLegislation |
Comprehensive Environmental Response, Compensation, and Liability Act
→
|
| riskAddressed |
oil pollution in adjoining shorelines
→
oil pollution in navigable waters of the United States → oil pollution in the exclusive economic zone of the United States → |
| sector |
environmental protection
→
maritime transportation → |
| statutoryLimitPerIncidentDescription |
up to $1 billion per incident
→
|
| statutoryLimitPerIncidentUSD |
1000000000
→
|
| subLimitRemovalCostsDescription |
up to $500 million per incident for removal costs
→
|
| subLimitRemovalCostsUSD |
500000000
→
|
| supportsAgency |
National Oceanic and Atmospheric Administration
→
U.S. Department of the Interior → U.S. Environmental Protection Agency → |
| usedFor |
federal oil spill response
→
payment of uncompensated claims for oil spill damages → |
Referenced by (4)
| Subject (surface form when different) | Predicate |
|---|---|
|
Oil Pollution Act of 1990
→
Public Law 101-380 → |
establishes |
|
Oil Pollution Act of 1990
→
|
creates |
|
Oil Spill Liability Trust Fund
("1986 Oil Spill Liability Trust Fund (not fully activated until OPA 90)")
→
|
predecessor |