[B]U.S. Oil Companies Plan New Insurance Fund to Cover Future Oil Spills-MARITIME LAWYER NEWS[/B]
BP’s cost of the massive Gulf oil spill is expected to reach over $30 billion in clean-up and compensation which has raised U.S. oil companies concerns about what would happen if a company without BP’s massive resources had been operating the blown-out well. In order to avoid a scenario where smaller companies are unable to drill offshore, U.S. oil explorers are talking about forming a new insurance fund that would cover the costs of any future oil spill, a senior industry executive said last Thursday. [B]Read Full Story[/B].