House approves oil spill legislation

The bill, passed 209 to 193, would impose new safeguards for offshore drilling, remove a liability cap for spill damages, and hit energy producers with a new tax to fund conservation measures.

In its most sweeping response to the gulf oil spill, the House on Friday approved legislation that would impose new environmental safeguards for offshore drilling, remove a liability cap for spill damages, and slap industry with a new tax to fund conservation projects nationwide.

The measure, which follows dozens of Capitol Hill hearings into the worst offshore oil spill in U.S. history, would remove a $75-million liability cap on oil firms for economic damages caused by spills. It would also hit energy producers with a new $2 per barrel tax to fund land purchases for national parks, forests and wildlife refuges.

Article Comment: Taxation is a lazy, uninspired means of effecting regulation. It's time to nationalize the oil industry and eject all foreign-owned oil companies. It should have been done decades ago.

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