(....) Right now the corporate liability cap is $75 million. You have proposed raising it substantially.
Yes, to $10 billion. But we also need to take a closer look at how we regulate the oil industry. The low cap is representative of how involved the industry has been in determining its own regulations. I think there should be an independent commission with industry leaders hired to clean this up. Gather together the best minds, the best talent, and the most experienced people to fix this and send B.P. the tab. As part of the environmental crimes that they are being investigated for, B.P. is being asked to gather a lot of the evidence. I don’t get it. Shouldn’t we be investigating them? Shouldn’t the communities that they have harmed be allowed to investigate them as well?
It’s like letting the fox into the hen house only to wake up and find that half your chickens are dead, and then asking the fox to fix it. That’s sort of what’s happening right now. The government didn’t fail on the day of this disaster. It failed by putting regulations in place that allowed the fox inside the hen house.