Oil Pollution Liability and Compensation Act

(Measure indefinitely postponed in Senate, H.R. 6803 passed in lieu)

Oil Pollution Liability and Compensation Act - Establishes the general standard with certain exceptions, that an owner, operator, or insurer of a vessel or a facility which is the source of, or poses an imminent threat of, a discharge of oil or hazardous substance shall be jointly, severally, and strictly liable for all damages and cleanup costs resulting therefrom. Specifies liability limits, except in cases of gross negligence, willful misconduct, or refusal to cooperate, for ships and other vessels.

Permits the President to adjust, within certain limits, levels of liability or financial responsibility for specified facilities, if the President determines that certain such levels required by this Act will have either a significant adverse impact on small business enterprises or a significant anti-competitive impact. Requires the President to notify the appropriate committees of Congress of the intention to propose such rule or regulation change before publication, including a justification of such change and the views of the Federal Trade Commission on the matter.

Imposes liability on third parties who solely cause a discharge. Permits foreign nations or foreign citizens to make claims for compensation under certain circumstances.

Establishes the Oil Spill Liability Fund in the United States Treasury to be administered jointly by the President and the Secretary of the Treasury for the purpose of paying for otherwise uncompensated losses resulting from oil pollution. Establishes a Hazardous Substances Liability Fund and directs the President to establish an interagency task force to study the size and method of financing such a fund.

Enumerates the sources of moneys to be deposited in the Oil Spill Liability Fund including a fee, not in excess of three cents, to be imposed on each barrel of oil received at any refinery, or at any terminal for export from or entry into the United States. Authorizes the Secretary to modify the fee within certain limits. Provides for civil and criminal liability for failure to comply with such provisions. Permits the President to borrow from the United States Treasury to cover claims which exceed the amount in the Fund.

Directs the Administrator of the Environmental Protection Agency, the Commandant of the Coast Guard, and the Comptroller General to study possible incentives to reduce the potential of discharges of oil or hazardous substances and to submit the report to Congress.

Authorizes the President to promulgate regulations establishing claims procedures. Stipulates that the Fund be available (1) for compensating any party damaged by discharges of oil and hazardous substances, (2) to pay all removal costs; (3) to pay for restoration of natural resources; and (4) for the costs of research related to the purposes of this Act. Requires all other claims, with limited exceptions, to be initially presented to the owner or operator, or to such persons' guarantor. Permits claimants to either present a claim to the Fund or to bring an action in an appropriate United States court when an owner or operator and a guarantor deny liability or fail to settle the claim within a specified period.

Requires the Comptroller General to audit the Fund and to report to Congress with the results of such audit. Directs the Comptroller General and the Administrator of the Environmental Protection Agency to study the need for assistance in emergencies caused by the release of pollutants and contaminants into the environment and to report to Congress their result and recommendations.

Requires the owner or operator of any facility or most vessels over 300 gross tons to establish and maintain evidence of financial responsibility in an amount sufficient to satisfy applicable liability limits.

Preserves the power of any State to impose additional requirements or liability with respect to discharges of oil or hazardous substances within such State.

Amends specified laws to conform with the provisions of this Act.