Obama: GOP wants taxpayers to foot the bill for big oil This is pretty sweet: a statement from President Obama blasting Republicans for defending the low liability limits that protect oil companies from paying for the economic damages caused by spills, costs that would instead be borne by taxpayers. I am disappointed that an effort to ensure that oil companies pay fully for disasters they cause has stalled in the United States Senate on a partisan basis. This maneuver threatens to leave taxpayers, rather than the oil companies, on the hook for future disasters like the BP oil spill. I urge the Senate Republicans to stop playing special interest politics and join in a bipartisan effort to protect taxpayers and demand accountability from the oil companies.
As President Obama points out, if oil companies don't pay for the damage they cause, taxpayers will be left on the hook. That's effectively a big oil bailout, allowing oil companies to enjoy unlimited profits while accepting only limited risk. It's what Sarah Palin might call big oil bailout socialism if she weren't a flaming hypocrite. Obama's statement comes as Republicans once again <http://www.huffingtonpost.com/2010/05/18/inhofe-blocks-second-dem_n_580\ 307.html> filibustered Democratic efforts to move forward on raising the liability limits. Meanwhile, Senate Democrats are rejecting a Republican counter-offer because they say it is doesn't hold oil companies accountable. Sam Stein outlines <http://www.huffingtonpost.com/2010/05/17/democrats-reject-gop-coun_n_57\ 9337.html> the GOP proposal: On Monday, the Republican Party, led by Sens. David Vitter, R-La., Jeff Sessions, R-Ala. and Roger Wicker, R-Miss put out the first GOP counter-proposal. Under its design, a company responsible for a spill would have to pay either the last four quarters of its profits or double the current cap ($150 million) whichever one is greater to help with economic damages caused by the spill. The GOP plan is absurd. On paper, it seems to establish a fairly high cap for companies like BP who have multi-billion dollar profits, it's completely arbitrary. Moreover, with all the accounting games one can play, you'd have to be crazy (or bought by big oil) to support something like this. Harry Reid has come forward with the best plan of all: he wants <http://thehill.com/blogs/blog-briefing-room/news/98429-reid-wants-no-li\ ability-cap-for-oil-companies> to abolish the cap altogether. Reid told reporters that a proposal pending before the Senate to lift the liability from the current $75 million to $10 billion is inadequate because the $10 billion figure is "too small." "We're told that the damage from the oil spill in the Gulf now is $14 billion already," Reid said, referring to the BP spill off the coast of Louisiana. "I'm for no cap." In other news today, Democrats are continuing to push for accountability. Eight Senate Dems have joined together, calling for a criminal inquiry <http://www.politico.com/news/stories/0510/37420.html> into BP's disaster. They feel BP may have knowingly misled the government about its ability to handle a disaster like the one unfolding int he Gulf. The most important thing here is to get good legislation passed and to hold BP accountable, but let's not forget that there are political implications at stake. Right now, Republicans are demonstrating what things would be like if they were returned to power. Democrats have their problem spots (see Landrieu, Mary), but the GOP is bought and paid for by big oil. There's no question we need change in DC, but we need change for the better and Republicans are once again proving they are incapable of delivering it. Democrats can, as long as they proceed with boldness and stay true to the mission of the Democratic Party: to represent the people. http://www.dailykos.com/storyonly/2010/5/18/867561/-Obama:-GOP-wants-tax\ payers-to-foot-the-bill-for-big-oil
