Pelosi backs eliminating damages liability cap

by Vicki Needham - 05/28/10 8:23 PM ET

Opponents of raising the cap that high have argued it would harm smaller oil companies, making insurance too expensive and difficult to obtain.

Senate Majority Leader Harry Reid (D-Nev.) has voiced support for eliminating the $75 million cap that pays for the clean up, containment and economic damages associated with an oil spill.

Costs stand at about $930 million for the Gulf of Mexico oil spill for response, containment, relief well drilling, grants to Gulf states, claims paid and federal costs, BP estimated in a statement today.

So far 26,000 claims have been filed and 11,650 have been paid.

Tags Harry Reid