Oil Spill Liability and Compensation Act of 1981

Oil Spill Liability and Compensation Act of 1981 - Title I: Oil Spill Liability and Compensation - Subjects the owner or operator of a vessel or facility to liability for oil discharged in violation of the Federal Water Pollution Control Act (unless the discharge was caused as an act of God, war, or by a third party). Causes such owners and operators to be liable for: (1) all actual costs of removal incurred by the United States or a State under the Federal Water Pollution Control Act, the Intervention on the High Seas Act, or the Deepwater Port Act of 1974; (2) any removal costs incurred by any person, as removal is defined under the Federal Water Pollution Control Act; and (3) specified damages for economic loss or loss of natural resources resulting from such a discharge.

Limits such liability, but stipulates than an owner or operator shall be liable for all damages and removal costs in the case of: (1) willful misconduct or negligence; (2) violation of applicable safety, construction, or operating standards or regulations; (within the knowledge or privity of the owner or operator); or (3) a refusal to provide reasonable cooperation and assistance requested by a responsible official. Provides that owners or operators subject to the Outer Continental Shelf Lands Act shall bear all costs of removal.

Authorizes the President to establish additional limitations on liability for certain facilities; and, from time to time, to increase established limitations to reflect specified factors.

Provides for third party liability.

Directs that money in the Oil Spill Liability Trust Fund (established in title II of this Act) be used for, among other things: (1) payment of removal costs; and (2) related research.

Sets forth procedures for asserting claims against the Fund. Requires any claimant, prior to asserting a claim, to present the claim to the owner, operator, or guarantor of the vessel or facility from which the oil was discharged. Directs the President to: (1) prescribe forms and procedures for filing claims; and (2) attempt to arrange a settlement.

Authorizes the President to establish and to pay a claim or to submit a claim to a Board of Arbitrators. Permits a claimant, dissatisfied with an award, to appeal to the Board of Arbitrators.

Requires the owner and operator of any offshore vessel and/or facility to establish and maintain stated levels of financial responsibility sufficient to satisfy claims.

Title II: Trust Fund Establishment and Collections - Establishes the Oil Spill Liability Trust Fund. Provides that the Fund shall consist of: (1) amounts derived from an additional petroleum tax of 1.3 cents per barrel, imposed by an amendment to the Internal Revenue Code; (2) amounts recovered under title I of this Act; (3) penalties imposed under title I of this Act or under the Federal Water Pollution Control Act and other unobligated funds available under such Act; (4) all assets of the Trans-Alaska Pipeline Liability Fund; (5) all assets of the Deepwater Port Liability Fund; and (6) all assets of the Offshore Oil Pollution Compensation Fund established under the Outer Continental Shelf Lands Act Amendments of 1978.

Establishes a minimum amount of $30,000,000 to be maintained in the Trust Fund. Establishes the order in which unpaid claims are to be paid. Limits the liability of the United States to the amount in the Trust Fund. Provides for Trust Fund borrowing, as repayable advances, from the General Fund of the Treasury.

Title III: Miscellaneous Provisions - Sets forth effective dates and conforming amendments.

Directs the President, in cooperation with the Comptroller General, to study possible incentives for safer operation of vessels and facilities to prevent oil discharges, and to report to the Congress by July 1, 1983.