Oil Spill Liability Fund and Compensation Act

Oil Spill Liability Fund and Compensation Act - Imposes liability for the illegal discharge of oil or other hazardous substances. Permits, as a defense to such liability, proof that the discharge was solely caused by an act of God, an act of war, negligence on the part of the United States, or an act or omission of a third party.

Imposes liability for all costs incurred in cleanup, damages for economic loss or loss of natural resources, and other specified losses including direct or indirect loss of taxes, royalties, rental, or net profits due governments for a maximum of one year.

Establishes limits to the liability of offending parties. Waives such limits upon a showing of willful negligence or failure to provide all reasonable cooperation with cleanup crews. Permits the President to establish maximum limits of liability in specified instances.

Establishes, in the U.S. Treasury, an Oil Spill Liability Fund. Directs the Secretary of the Treasury to collect a fee, to be paid into the Fund, on all oil shipped to or from the United States. Provides for civil penalties for failure to pay or collect fees required by this Act.

Permits the President, at any time the Fund is inadequate to meet its obligations, to issue notes or other obligations to cover such obligations.

Directs the President to use the moneys in the fund to pay costs in excess of those assessed offending parties, to pay claims where the offending party is unknown, and for other specified purposes.

Provides that payment of any claim by the Fund shall entitle the Federal Government to all rights of subrogation arising from such payment.

Prohibits use of the Fund for damages caused by gross negligence or willful misconduct.

Requires a showing of financial responsibility for specified vessels of over 300 tons gross weight. Provides for the seizure of oil or other hazardous cargoes found aboard vessels in navigable waters of the United States without proof of financial responsibility.

Directs owners or operators of onshore or offshore facilities of a specified size to maintain evidence of financial responsibility. Imposes a fine of not more than $10,000 for failure to comply with such requirement.

Preempts the establishment of similar funds by State or local governments. Provides for assistance to States for the development of cleanup facilities and personnel training.

Repeals specified provisions of the Trans-Alaska Pipeline Authorization Act to transfer moneys of the liability fund therein established to the Oil Spill Liability Fund.