Today, Congressman Steve Kagen, M.D. introduced the ""Oil Spill Responsibility Act of 2010,'' which directs British Petroleum (BP) to set aside $25 billion to pay for costs related to the Deepwater Horizon oil spill disaster in the Gulf of Mexico.
"BP is responsible for the oil spill disaster in the Gulf," said Kagen. "They admitted it under oath, and now its time for them to put their money where their mouth is."
On May 19th, during testimony before the House Transportation and Infrastructure Committee, BP President, Lamar McKay, admitted under oath that BP is responsible for the oil well explosion and the ongoing oil leak in the Gulf of Mexico.
"I gave BP the opportunity to do the right thing and set aside funds back in May, but they took a pass," continued Kagen. "I now have no choice but to take legislative action to guarantee that the taxpayers aren't on the hook for BP's negligence."
During the May 19th hearing, Kagen asked BP to take the next step as the responsible party and deposit $25 billion into the United States Treasury. Therefore, the ""Oil Spill Responsibility Act of 2010,'' would direct BP to set aside $25 billion to pay for costs arising from the explosion and sinking of the mobile offshore drilling unit Deepwater Horizon.
The funds deposited in the U.S. Treasury by BP will not only help protect taxpayer dollars, but will also help immediately begin to restore the lives of those affected by the oil spill and better protect the Gulf Coast environments.