Oil Spill

Abstract

This research paper aims to provide the introduction about the oil spills losses and damages in recent history and, how to overcome these damages. This paper also presents ideas about the development of costs policies for the companies operating at the Florida Beach in order to prevent the spills. This paper also provides the concept that in case of oil spills, who are responsible for payments and liabilities occur in the premises of the City. Paper also discusses the implementation of costs policies to apply such policies and, other methods and, what are internal city policies to the city's response to the spill. In the end there is a conclusion which aims to satisfy that these policies will bring a new change and also consider environmental protection and avoid any spill in near future.

Contents

Introduction4

Discussion4

codes or administrative rules govern an oil spill4

Who is Responsible6

Who Would Pay for protecting the beach6

Strict liabilities versus negligence standards6

Limits to Liability7

Who would Pay for loss8

The Role of Criminal Law as legal Remedies9

Costs for implementations of policies9

Internal City Policies12

Costs Associated and Recommendations12

Other Concerns13

A Tiered Insurance Program13

Conclusion14

References16

Oil Spill

Introduction

Oil spill has been the greatest issue with the exploration and production petroleum companies for many years. Several huge names such as; Exxon Mobil and British petroleum has suffered losses due to oil spill (Carson et al, 2003). These companies became the victim and suffered such huge losses that they had to wind up their businesses from several locations. These issues and incidents are due to the lack of regulations and policies of companies and, because of these incidents several citizens, workers and employees have to suffer (Cohen and Mark, 1986). Codes or administrative rules govern an oil spill of this nature

Discussion

CODES OR ADMINISTRATIVE RULES GOVERN AN OIL SPILL

Economists have studied the analysis for the optimal penalty for the harms in an environmental procedures and, analyze the useful framework to select several procedures in case of an oil spill. We can consider the several frameworks prescribed by several economists such as; Gary becker in 1968 and according to his framework, criminals have to respond for the possibilities of protection and detection in case of any incidents (Cohen and Mark, 2010). I may adopt this model to consider the policies in case of oil spill. I understand that if there are no policies in case of oil spills then, firms that are doing exploration, production and transportation of oil would held responsible for the costs of spill such as; lost of oil, damaged equipment and other external factors. They have to do cost benefit analysis for the company and, need to spend several million dollars on the protection of oil spills because it is expected to save money for them (Cohen and Mark, 1986). We cannot forget the original external factor such as; harm caused by oil spills and, it also includes loss to other parties such as; fishing industry and other resources.

It is recommended to improve the analysis of cost benefit of private firms into open ...