On the recordJuly 30, 2010
I thank the gentleman for yielding. I rise in support of the amendment. The underlying amendment in the nature of a substitute would raise from the current $150 million to $300 million the amount of financial responsibility that offshore facilities must demonstrate. This is a significant increase. I strongly believe that this increased level of financial responsibility is appropriate, given the risks associated with offshore energy production--risks that the Deepwater Horizon spill have made so clear. Importantly, however, the President can lower the amount of financial responsibility offshore facilities must demonstrate if certain criteria are met, albeit the level for offshore facilities seaward of a State boundary cannot be below $105 million. I strongly support the amendment.
