“The Senate should stop blocking a proposed law to hold oil storage facility owners accountable in the event of a disaster.”
“The dangers of mishandling highly flammable crude oil came into focus in 2013 with the explosion in Lac-Megantic, Quebec, that killed 47 people and caused $2 billion in damage after a tank car filled with highly volatile crude oil broke free, crashed and exploded. The small railroad company involved subsequently went bankrupt and its insurance only covered $20 million — a fraction of the damage the explosion and fire caused. It underscored the need to make sure companies handling explosive oil have adequeate financial resources in the event of a disaster.”
Like the gas industry, the oil industry seems happy to privatize profit and socialize risk…..The [NY State] Senate …is supposed to be looking out for the public’s interest. Passing the Petroleum Storage Surety legislation would do just that.