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Oil Pollution Act Of 1990

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Dictionary Says

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.
Investopedia Says

Investopedia explains '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.

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