Oil Pollution Act Of 1990


DEFINITION of 'Oil Pollution Act Of 1990'

A law that caps civil liability for oil spills caused by tankers and drilling vessels in the United States' territorial waters. The passage of the law was prompted by the Exxon Valdez oil spill in 1989, where Exxon was held liable for billions in civil damages. The bill enjoyed popular support at its passage.

BREAKING DOWN 'Oil Pollution Act Of 1990'

The Oil Pollution Act of 1990 caps BP's civil liability for the Deepwater Horizon spill at $75 million. The law forces companies to have a "place to prevent spills that may occur". The House passed the bill with a vote of 375-5, and it was passed in the Senate by a voice vote.

  1. BP Oil Spill

    A 2010 oil spill that occurred in the Gulf of Mexico as a result ...
  2. Oil Field

    A tract of land used for extracting petroleum, or crude oil, ...
  3. Tier 1 Spill

    One of the three categorized levels of oil spills. Tier 1 spills ...
  4. Tier 3 Spill

    One of the three levels of oil spills as categorized by the International ...
  5. Tier 2 Spill

    The second of the three types of oil spills as categorized by ...
  6. Barrels Of Oil Equivalent Per Day ...

    A term that is used often in conjunction with the production ...
Related Articles
  1. Investing Basics

    Oil: A Big Investment With Big Tax Breaks

    Oil and gas investments can provide unmatched deduction potential for accredited investors.
  2. Active Trading

    What Determines Oil Prices?

    Changes in the price of oil aren't arbitrary. Read on to find out what moves them and why.
  3. Options & Futures

    Peak Oil: Problems And Possibilities

    Learn a little more about the "non" part of this nonrenewable resource.
  4. Mutual Funds & ETFs

    Commodity Funds 101

    These funds make investing in gold, oil or grain an easier prospect.
  5. Active Trading

    How Does Crude Oil Affect Gas Prices?

    Find out how this commodity's fluctuating price affects more than just how much you pay at the pump.
  6. Home & Auto

    Are Hybrid Cars Really More Economical?

    Find out if buying a hybrid vehicle is more economical than a fuel-based vehicle. Fewer trips to the gas station sounds nice, but you need to do the math.
  7. Stock Analysis

    GE and the Future of Energy Storage

    Find out how energy storage, led by GE, is surging as power companies search for methods to smooth usage and backstop new technologies.
  8. Stock Analysis

    The Biggest Risks of Investing in ConocoPhillips Stock

    Understand the risks of investing in ConocoPhillips stock. Learn about how there is a risk of a dividend cut due to lower prices for crude oil.
  9. Economics

    The Biggest Oil Towns in Texas

    Learn about the boom of oil production in Texas cities and how the new surge of wealth into these cities is changing local economies.
  10. Investing Basics

    What are the fiduciary responsibilities of board members?

    Find out what fiduciary duties a board of directors owes to the company and its shareholders, including the duties of care, good faith and loyalty.
  1. Is Norway a developed country?

    Norway is a highly developed country, and typically has a world GDP ranking in the top 30, with a 2014 GDP at $500 million ... Read Full Answer >>
  2. Is Qatar a developed country?

    Qatar is a developing country, according to the United Nations. However, as the country with the highest gross domestic product ... Read Full Answer >>
  3. Why do some oil refineries get tax exemptions?

    Oil refineries normally receive tax exemptions due to tax loopholes. The extracted fuel exemption, for example, one of the ... Read Full Answer >>
  4. Are UTMA accounts escheatable?

    Like most financial assets held by institutions such as banks and investment firms, UTMA accounts can be escheated by state ... Read Full Answer >>
  5. Can the IRS audit you after a refund?

    The U.S. Internal Revenue Service (IRS) can audit tax returns even after it has issued a tax refund to a taxpayer. According ... Read Full Answer >>
  6. How does escheatment impact a company?

    In recent years, state governments have become increasingly aggressive in enforcing escheatment laws. As a result, many businesses ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Bar Chart

    A style of chart used by some technical analysts, on which, as illustrated below, the top of the vertical line indicates ...
  2. Bullish Engulfing Pattern

    A chart pattern that forms when a small black candlestick is followed by a large white candlestick that completely eclipses ...
  3. Cyber Monday

    An expression used in online retailing to describe the Monday following U.S. Thanksgiving weekend. Cyber Monday is generally ...
  4. Take A Bath

    A slang term referring to the situation of an investor who has experienced a large loss from an investment or speculative ...
Trading Center