Comprehensive Oil Pollution Liability and Compensation Act

Comprehensive Oil Pollution Liability and Compensation Act - Title I: Oil Pollution Liability and Compensation - Makes this title effective only until both the International Convention on Civil Liability for Oil Pollution Damage and the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage are in force with respect to the United States, at which point liability and compensation for damages arising out of or directly resulting from oil pollution shall be determined in accordance with such conventions.

Permits claims for damages for economic loss, arising from oil pollution, to be asserted for: (1) removal costs; (2) injury to or destruction of natural resources; (3) injury to, destruction of, or loss of use of, real or personal property; (4) loss of subsistence use of natural resources; (5) loss of profits or impairment of earning capacity due to such injury or destruction; and (6) loss of tax revenue for a period of one year due to injury to real or personal property. Specifies the potential claimants who have standing to assert claims involving each such type of damage.

Imposes joint, several and strict liability on the party responsible for the source of pollution. Specifies liability limits, except in cases of gross negligence or willful misconduct, for ships and structures used to transport, drill for, produce, store, or handle oil.

Requires the responsible party for vessels over 300 tons (including foreign vessels) and the party responsible for offshore facilities to establish and maintain evidence of financial responsibility in an amount sufficient to satisfy applicable liability limits. Limits the liability of a guarantor to the aggregate amount of financial responsibility that the guarantor provided.

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

Directs the Trust Fund to advertise claims to be presented initially to the responsible party, or to such person's guarantor, in instances in which: (1) the responsible party and guarantor both deny involvement; (2) the source of the discharge is a public vessel; or (3) the Trust Fund 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 a responsible party 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, including the Fund, to all the claimant's claims and rights under this title. Sets forth the measure of recovery for actions brought by the Fund against any responsible party or guarantor.

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.

Title II: Comprehensive Oil Pollution Liability Trust Fund - Establishes the Comprehensive Oil Pollution Liability Trust Fund as a nonprofit corporate entity which shall be administered by a Board of Directors appointed by the Secretary of Transportation.

Requires a fee of 1.3 cents a barrel to be paid into the Trust Fund by the owner of: (1) oil received at a refinery in the United States; (2) oil entered into the United States for consumption, use, or warehousing; and (3) oil produced from a well located in the United States which is used in or exported from the United States. Requires payment of the fee only when the amount in the Trust Fund is less than $100,000,000.

Makes the Trust Fund available for: (1) the payment of claims under title I of this Act; (2) the costs of administering the Trust Fund; and (3) the payment of initial and annual contributions to the International Fund for Compensation for Oil Pollution Damage.

Prohibits payment of any claim, other than a claim for removal costs, if payment would reduce the amount in the Trust Fund below $30,000,000. Limits the liability of the Trust Fund with respect to any one incident to a maximum of $100,000,000.

Authorizes the Fund to borrow in order to satisfy a claim.

Directs the Comptroller General to conduct an annual audit of the Trust Fund.

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

Provides that if the Secretary of the Treasury determines that there is a Trans-Alaska Pipeline (TAP) fund deficit, then the 1.3 cent fee 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.

Sets forth definitions and special rules.

Title III: Effective Dates and Conforming Amendments - Specifies the effective dates of specified 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 specified laws, including the Trans-Alaska Pipeline Authorization Act, the Federal Water Pollution Control Act, the Deepwater Port Act of 1974, and the Outer Continental Shelf Lands Act Amendments of 1974, to conform with the provisions of this Act.