Global Compensation for Oil Pollution Damages: The Innovations of the American Oil Pollution Act

James Boyd

RFF Working Paper Series from Resources for the Future

Abstract: Via 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.

Keywords: Oil Pollution Act; Natural Resource Damages; Environmental Liability; Financial Assurance; Financial Responsibility; Valuation (search for similar items in EconPapers)
JEL-codes: K13 K32 Q38 (search for similar items in EconPapers)
Date: 2004-09-24
New Economics Papers: this item is included in nep-ene, nep-env and nep-law
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.rff.org/RFF/documents/RFF-DP-04-36.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.rff.org/RFF/documents/RFF-DP-04-36.pdf [301 Moved Permanently]--> https://www.rff.org/RFF/documents/RFF-DP-04-36.pdf)

Related works:
Working Paper: Global Compensation for Oil Pollution Damages: The Innovations of The American Oil Pollution Act (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rff:dpaper:dp-04-36

Access Statistics for this paper

More papers in RFF Working Paper Series from Resources for the Future Contact information at EDIRC.
Bibliographic data for series maintained by Resources for the Future (info@rff.org).