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Global Compensation for Oil Pollution Damages: The Innovations of the American Oil Pollution Act

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  • Boyd, James

    (Resources for the Future)

Abstract

Via technology and operations standards, U.S. regulation exerts an important influence over worldwide marine safety standards. But in addition, several other aspects of U.S. law deserve wider international consideration and adoption. First, the Oil Pollution Act’s natural resource damage provisions are an innovative and effective way to deter marine pollution and provide for the restoration of injured ecological resources. Second, the relatively strict financial requirements imposed on marine transporters help ensure that polluters, rather than the public, pay if damage is caused. Liability and financial responsibility rules are not unknown in other countries. But the United States has a longer history with implementation and applies its rules more expansively. As both environmental concerns and global marine trade flows increase, U.S. experience with these rules will be instructive to other nations contemplating oil pollution reforms.

Suggested Citation

  • Boyd, James, 2004. "Global Compensation for Oil Pollution Damages: The Innovations of the American Oil Pollution Act," RFF Working Paper Series dp-04-36, Resources for the Future.
    • Handle: RePEc:rff:dpaper:dp-04-36
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    Cited by:

    1. Wainger, Lisa A. & Helcoski, Ryan & Farge, Kevin W. & Espinola, Brandy A. & Green, Gary T., 2018. "Evidence of a Shared Value for Nature," Ecological Economics, Elsevier, vol. 154(C), pages 107-116.
    2. Takumi HAIBARA, 2007. "Environmental Funds, Terms of Trade, and Welfare," GSICS Working Paper Series 15, Graduate School of International Cooperation Studies, Kobe University.
    3. Sheila M. Olmstead, 2010. "The Economics of Water Quality," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 4(1), pages 44-62, Winter.

    More about this item

    Keywords

    Oil Pollution Act; Natural Resource Damages; Environmental Liability; Financial Assurance; Financial Responsibility; Valuation;
    All these keywords.

    JEL classification:

    • K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
    • K32 - Law and Economics - - Other Substantive Areas of Law - - - Energy, Environmental, Health, and Safety Law
    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)

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