Russ Feingold: “the explosion on the Deepwater Horizon oil rig in the Gulf of Mexico was a tragedy for the workers killed and their…”

“the explosion on the Deepwater Horizon oil rig in the Gulf of Mexico was a tragedy for the workers killed and their families. It has also become an economic disaster for the people of the gulf coast and an unparalleled environmental disaster for our Nation. As we work to stop and clean up the spill, we also need to end the coziness between big oil and the Federal agencies that regulate the industry. That chummy relationship has shielded big oil from being held accountable for years, and it is high time we make sure that government is cracking down on, not cozying up to, the oil companies. One way to do that is to eliminate big oil's liability cap for natural resources and economic damage caused by oilspills, such as the loss of travel and tourism revenue that businesses across the gulf are experiencing. The existing $75 million liability cap is less than 1 day's worth of profits for BP, which earned almost $6 billion in profits in the first quarter of this year.”