A bill to amend the Outer Continental Shelf Lands Act to provide for strict liability in the case of damage caused by oil spills.

Requires the Secretary of the Interior to insure that offshore drilling sites operating under leases issued under the provisions of the Outer Continental Shelf Lands Act be inspected at least once every sixty days to determine whether such site is being operated according to the rules and regulations issued pursuant to such Act.

Establishes the Outer Continental Shelf Liability Fund as a nonprofit corporate entity. States that the fund shall consist of: (1) 20 percent of monies paid as bids on Outer Continental Shelf leases, and (2) 10 cents per barrel of oil produced at any leased site under the Act. States that such collections and contributions to the fund shall cease when amounts in the fund reach and remain above the level of $500,000,000.

Provides that each lessee, and the fund, shall be strictly liable without regard to fault for all damages, including clean up costs, sustained by any person or entity (public or private) as a result of operations or activities at, related to, or in the vicinity of any offshore drilling site operated by the lessee. Makes the owner or operator of any vessel, and the fund, strictly liable for damages resulting from any discharge of oil from the operation of any offshore drilling site, including the transportation of oil from the drilling site to an onshore storage site.

States that strict liability will not be imposed if the damages result from an act of war, negligence of the United States or other governmental entity, or negligence by the party sustaining the damage.

Limits the liability to $500,000,000 for any one incident.

Establishes the Outer Continental Shelf Research Fund, to be administered jointly by the Secretaries of Interior, Commerce, and Transportation. States that amounts in the Fund shall be available to: (1) improve the technology related to the exploration and development of the oil and gas resources of the Outer Continental Shelf; (2) develop baseline data relating to the marine environment on the Outer Continental Shelf; and (3) develop data regarding the impact of developing the oil and gas resources of the Outer Continental Shelf on the marine and associated onshore environment.