Rep. Buchanan sets to remove cap on financial liability

U.S. Rep. Vern Buchanan, R-Longboat Key, filed a bill this week that would remove a cap on financial liability for oil companies responsible for accidents. The current law limits financial damages to $75 million for companies responsible for a spill.

BP agreed to place $20 billion in an escrow account to cover the economic damages to people affected by the Deepwater Horizon oil spill.

Buchanan also thinks the Department of the Interior should split the agency that regulates oil drilling into separate agencies. Buchanan wants to make sure the changes are written into law so it cannot be undone by future administrations.