Preparing for oil spill response helps reduce potential liabilities. (Business and the Environment)

From: Los Angeles Business Journal | Date: December 27, 1993 | Copyright information

The threat of state and federal penalties, in addition to the increasing costs of protracted cleanup operations make response preparedness an economic necessity for companies with the potential for having an oil spill.

Federal penalties alone include $25,000 per day, or up to $1,000 per barrel, for an oil discharge. In addition, failure to comply with a cleanup order can result in fines of $25,000 per day, or up to three times the costs incurred by the Oil Spill Liability Tr...

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