[CajunConservative]

He doesn’t have to seize it but there are federal laws on the books on how to handle this type of situation where the damage can be minimized. The oil companies all pay into this huge fund for this type of incident. It’s there to offset the cost of federal agencies.

Oil Pollution Act of 1990 (OPA)

http://www.uscg.mil/npfc/About_NPFC/opa.asp

The Oil Spill Liability Trust Fund (OSLTF)

http://www.uscg.mil/npfc/About_NPFC/osltf.asp

[worst-case scenario]

Thanks for the info. If this leakage turns out to be as bad as threatened, even hitting Florida, and destroying the entire shrimping season, that fund better have as bottomless as sum as the oil reserves that are being drained.

[worst-case scenario]

The OSLTF is only on the hook up to liabilities of $75 million, according to this artcile today.

http://www.nytimes.com/2010/05/02/us/02liability.html

The fund is huge, but not huge enough is the entire aquaculture of the Gulf is destroyed. No wonder BP is offering $5000 to each Alabama landowner the relinquishes their right to sue.