Sen. Menendez Pushes Oil Legislation to Raise BP's Liability

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Senator Robert Menendez (D-New Jersey) is heralding a bill called the "Big Oil Bailout Prevention Act." The legislation would increase the amount of money oil companies would have to pay in the case of a spill from $75 million to $10 billion.

Under the current law BP is responsible for cleaning up the spill and then can be held accountable for up to $75 million in liability. But that may not be enough to help after the spill as fisherman, coastal areas, wildlife and tourism are all sure to suffer from the spreading oil slick.