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The Oil Pollution Act of 1990 This is a national act, but is enforced to all companies that trade with the U.S.

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Presentation on theme: "The Oil Pollution Act of 1990 This is a national act, but is enforced to all companies that trade with the U.S."— Presentation transcript:

1 The Oil Pollution Act of 1990 This is a national act, but is enforced to all companies that trade with the U.S.

2 Summary of Act An act to establish limitations on liability for damages resulting from oil pollution, to establish a fund for the payment of compensation for such damages, and other purposes. An act to establish limitations on liability for damages resulting from oil pollution, to establish a fund for the payment of compensation for such damages, and other purposes. In other words : In other words : The Oil Pollution Act (OPA) of 1990 streamlined and strengthened EPAs ability to prevent and respond to catastrophic oil spills. A trust fund financed by a tax on oil is available to clean up spills when the responsible party is incapable or unwilling to do so. The OPA requires oil storage facilities and vessels to submit to the Federal government plans detailing how they will respond to large discharges. The Oil Pollution Act (OPA) of 1990 streamlined and strengthened EPAs ability to prevent and respond to catastrophic oil spills. A trust fund financed by a tax on oil is available to clean up spills when the responsible party is incapable or unwilling to do so. The OPA requires oil storage facilities and vessels to submit to the Federal government plans detailing how they will respond to large discharges.

3 Amendment Of Act Congress created the Fund in 1986, but did not pass legislation to authorize the use of the money or the collection of revenue to maintain it until August 1990, when President George H. W. Bush signed OPA into law and authorized use of the OSLTF. Congress created the Fund in 1986, but did not pass legislation to authorize the use of the money or the collection of revenue to maintain it until August 1990, when President George H. W. Bush signed OPA into law and authorized use of the OSLTF. The 5-cents-per-barrel tax to finance the Oil Spill Liability Trust Fund was reinstated by section 1361 of the Energy Policy Act of The 5-cents-per-barrel tax to finance the Oil Spill Liability Trust Fund was reinstated by section 1361 of the Energy Policy Act of Amended on Dec. 29th, 1990 Amended on Dec. 29th, 1990

4 How The Law Works All barrels are charged a 5 cent tax. All barrels are charged a 5 cent tax. The tax on crude oil received at a US refinery is paid by the refinery operator. The tax on imported petroleum products is paid by the person entering the product for consumption use or warehousing. The tax on other crude oil is paid by the person using or exporting the crude oil. The tax on crude oil received at a US refinery is paid by the refinery operator. The tax on imported petroleum products is paid by the person entering the product for consumption use or warehousing. The tax on other crude oil is paid by the person using or exporting the crude oil. While the Coast Guard is delegated certain authorities to manage and use the Oil Spill Liability Trust Fund, collection of taxes and deposit of collections to the Fund is managed by the Department of Treasury. While the Coast Guard is delegated certain authorities to manage and use the Oil Spill Liability Trust Fund, collection of taxes and deposit of collections to the Fund is managed by the Department of Treasury.

5 Bibliography Oil_Pollution_Act_1990.htm Oil_Pollution_Act_1990.htm Oil_Pollution_Act_1990.htm Oil_Pollution_Act_1990.htm pa.htm pa.htm pa.htm pa.htm ewsletters/fall93/oil_act.htm ewsletters/fall93/oil_act.htm ewsletters/fall93/oil_act.htm ewsletters/fall93/oil_act.htm


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