Global Compensation for Oil Pollution Damages: The Innovations of the American Oil Pollution Act
AbstractVia technology and operations standards, U.S. regulation exerts an important influence over worldwide marine safety standards. But in addition, several other aspects of U.S. law deserve wider international consideration and adoption. First, the Oil Pollution Act’s natural resource damage provisions are an innovative and effective way to deter marine pollution and provide for the restoration of injured ecological resources. Second, the relatively strict financial requirements imposed on marine transporters help ensure that polluters, rather than the public, pay if damage is caused. Liability and financial responsibility rules are not unknown in other countries. But the United States has a longer history with implementation and applies its rules more expansively. As both environmental concerns and global marine trade flows increase, U.S. experience with these rules will be instructive to other nations contemplating oil pollution reforms.
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Bibliographic InfoPaper provided by Resources For the Future in its series Discussion Papers with number dp-04-36.
Date of creation: 24 Sep 2004
Date of revision:
Oil Pollution Act; Natural Resource Damages; Environmental Liability; Financial Assurance; Financial Responsibility; Valuation;
Find related papers by JEL classification:
- K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability
- K32 - Law and Economics - - Other Substantive Areas of Law - - - Environmental, Health, and Safety Law
- Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-01-24 (All new papers)
- NEP-ENE-2006-01-24 (Energy Economics)
- NEP-ENV-2006-01-24 (Environmental Economics)
- NEP-LAW-2006-01-24 (Law & Economics)
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- Sheila M. Olmstead, 2010. "The Economics of Water Quality," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 4(1), pages 44-62, Winter.
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