May 14, 2010 9:54 PM

GOP offers new oil liability standard — one year's profit

The new proposal, intended to replace one offered by Democrats that offered a $10 billion cap on liability, would hit a big oil corporation such as BP particularly hard but limit the expsoure of smaller companies. Under the GOP plan, BP would be on the hook currently for $17 billion. U.S. law currently limits spill liability to $75 million.

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