Comprehensive Oil Pollution Liability and Compensation Act

Comprehensive Oil Pollution Liability and Compensation Act - Title I: Oil Pollution Liability and Compensation - Provides that, in addition to the processing and settlement of claims, the Comprehensive Oil Pollution Liability Trust Fund (Fund), established in title II of this Act, is immediately available to pay specified removal costs arising out of an oil pollution incident. Authorizes the Secretary of Transportation to issue regulations designating the person or persons who may obligate available money in the Fund for such purposes.

Permits claims for damages for economic loss to be asserted for: (1) removal costs; (2) injury to, or destruction of, natural resources; (3) injury to, or destruction of, real or personal property; and (4) loss of profits or impaired earning capacity due to such injury or destruction. Specifies the potential claimants who have standing to assert claims involving each such type of damage.

Imposes joint, several, and strict liability on owners and the operators of each pollution source. Specifies liability limits, except in cases of gross negligence or willful misconduct, for ships, deepwater ports, and other facilities.

Requires owners or operators of vessels over 300 tons (including foreign vessels) and owners or operators of offshore facilities to establish and maintain evidence of financial responsibility in an amount sufficient to satisfy applicable liability limits. Permits any owner or operator of more than one vessel or offshore facility to establish financial responsibility only to meet the maximum liability of the largest of such vessels or facilities. Provides for the enforcement of such financial responsibility requirements.

States, in the case of an owner who is the holder of a leasehold interest or permit for the exploration of oil offshore, that evidence of financial responsibility established for the leasehold shall cover such owner for all facilities located on the leasehold.

Provides that where an offshore facility is owned or operated by more than one person, evidence of financial responsibility may be established by any one of the owners or operators or in consolidated form.

Limits the total liability of any guarantor, under this title, to the aggregate amount which such guarantor has provided as evidence of financial responsibility (except to an owner or operator for whom evidence of financial responsibility is provided by the guarantor for negotiating, or failing to negotiate, in bad faith a settlement of any claim).

Specifies procedures whereby the Secretary shall designate and advertise pollution sources.

Directs the Secretary to advertise claims to be presented initially to the owner or operator, or to such person's guarantor, in instances in which: (1) the owner and the operator of a vessel or facility designated by the Secretary deny such vessel's or facility's involvement; (2) the source of the discharge is a public vessel; or (3) the Secretary is unable to designate the pollution source.

Permits claimants either to present a claim to the Fund or to bring an action in an appropriate U.S. court if liability is denied or the claim is not settled within a specified period.

Sets forth procedures for the disposition and appeal of claims submitted to the Fund.

Requires both the plaintiff and the defendant in a court action brought against an owner, operator, or guarantor to forward copies of all pleadings to the Fund. Permits the Fund to intervene in such actions. Requires a claim to be presented within three years of discovery of an economic loss, or within six years of the date of the incident, whichever is earlier.

Subrogates any person or Government entity paying compensation, including the Fund, to all the claimant's claims and rights under this Act. Specifies procedures for and the measure of recovery in actions brought by the Fund against owners, operators, or guarantors of alleged pollution sources.

Grants U.S. district courts exclusive original jurisdiction over all controversies arising under this title, without regard to the citizenship of the parties or the amount in controversy.

Declares that the rights and remedies under this Act shall be exclusive with respect to economic loss caused by oil pollution (but does not preclude State imposition of taxes or fees to finance the purchase and prepositioning of oil pollution cleanup and removal equipment).

Sets penalties for persons failing to comply with specified provisions in this Act.

Authorizes appropriations for this title.

Directs the Secretary to submit an annual report to Congress on the administration of this title.

Title II: Fund and Tax - Establishes the Comprehensive Oil Pollution Liability Trust Fund in the Treasury. Appropriates to the Fund amounts determined by the Secretary of the Treasury to be equivalent to: (1) the amounts received in the Treasury under the petroleum excise tax; (2) the amounts recovered or collected on behalf of such Fund under title I of this Act; and (3) any penalties imposed under title I of this Act or under the oil and hazardous substances liability provisions of the Federal Water Pollution Control Act (insofar as these relate to petroleum oils). Makes amounts in the Fund available only to pay claims for compensable damages recognizable under title I of this Act (including costs incurred by the United States by reason of such claims).

Restricts interest payable out of the Fund.

Limits payment of claims by the Fund by requiring a minimum balance of at least $30,000,000 in the Fund. States that claims are to be paid in the order in which they were finally determined.

Limits U.S. liability for payment of claims under this Act to the amounts in the Funds established under this title. Prohibits the Fund from borrowing any money from the general fund of the Treasury, other than an amount not to exceed $75,000,000, and only until September 30, 1985.

Sets forth administrative provisions for the Fund, including methods of transfer, management, and investment.

Coordinates this title with other provisions in this Act. Provides that nothing in this Act other than this title shall authorize: (1) the establishment of a fund; (2) the payment out of the fund created by this title; (3) the levy or collection of any fee; or (4) the imposition of any requirement with respect to the procedure applicable to rules and regulations prescribed under this title.

Provides that, to the extent not inconsistent with this title, any reference in title I of this Act to a fund shall be deemed to refer to the Fund.

Provides that, if the balance in any fund is to be transferred to the Fund, then any claim arising before October 1, 1984, which would have been payable out of the other fund shall be payable out of the Fund.

Provides that if the Secretary of the Treasury determines that there is a Trans-Alaska Pipeline (TAP) fund deficit, the petroleum excise tax on such crude oil shall be increased by two cents per barrel until the total amount of such increased tax equals such deficit. Defines a TAP fund deficit.

Amends the Internal Revenue Code of 1954 to provide for environmental excise taxes on crude oil and petroleum products.

Imposes an excise tax (the "petroleum tax"), until September 30, 1986, of 1.3 cents a barrel on: (1) crude oil received at a U.S. refinery, to be paid by the operator; (2) petroleum products entered into the United States for consumption, use, or warehousing, to be paid by the person entering such product; and (3) any domestic crude oil used in or exported from the United States which has not been taxed under (1), to be paid by the person using or exporting such crude oil. Exempts from such tax, domestic crude oil used, on the premises where it was produced, for extracting oil or natural gas.

Defines "crude oil," "petroleum product," and "United States" for purposes of the Act.

Provides that only one such petroleum tax shall be imposed on any petroleum product.

Title III: Regulations, Effective Dates, and Savings Provisions - Specifies the effective dates of specified provisions of this Act. Amends specified laws, including the Deepwater Port Act of 1974, the Federal Water Pollution Control Act, the Intervention on the High Seas Act, the Outer Continental Shelf Lands Act Amendments of 1978, and the Trans-Alaska Pipeline Authorization Act, to conform with the provisions of this Act.

Provides that all unused assets of the Trans-Alaska Pipeline Liability Fund shall be rebated directly to the operator of the trans-Alaska oil pipeline for pro-rata payments to those owners who had paid into the Fund.

Amends the Federal Water Pollution Control Act to provide that the Secretary of the Army shall make any determination with respect to specified provisions applying to certain navigable waters.