Oil Pollution Cleanup Act of 1986

Oil Pollution Cleanup Act of 1986 - Title I: Oil Pollution Liability and Compensation - Establishes the Oil Spill Compensation Fund. Makes vessel owners or operators of onshore or offshore facilities liable for removal costs and for economic and natural resource damages including: (1) injury or loss of real or personal property or natural resources; (2) loss of use (including subsistence use) of natural resources; (3) loss or impairment of income, profits, or earning capacity; and (4) loss of tax, royalty, rental or net profits share revenue for not more than one year.

Establishes liability limits for: (1) owners and operators of tankers; (2) vessels; (3) lessees and permittees of outer continental shelf facilities; (4) inland barges; and (5) other facility owners.

Authorizes the President to establish lower liability limits for other onshore or offshore facilities, and to periodically adjust liability limits in accordance with the Consumer Price Index. Makes the President (or the authorized representative of any State or foreign government) the trustee to act on behalf of the public to recover damages for injury to Federal, State, or foreign government natural resources.

Makes the owner or operator of a vessel liable under: (1) this Act; (2) the International Convention on Civil Liability for Oil Pollution Damage, 1984; (3) maritime tort law; and (4) the Clean Water Act.

Directs the President to use the money in the Oil Spill Compensation Fund for specified removal costs and damages.

Establishes a $500,000,000 limit per incident. Authorizes the States to have direct access to the Fund for a minimum of $250,000 per discharge or substantial threat of discharge of oil, and to enter into agreements with the President for additional Fund moneys.

Requires the owner or operator of certain-size vessels and offshore facilities to establish financial responsibility sufficient to meet the maximum amount of liability to which such persons could be subjected under this Act.

Provides for judicial review of regulations and actions under this Act. Grants State courts jurisdiction to hear cases under this Act, as well as under State law.

Permits the State to impose additional liability or requirements regarding oil discharges within their borders. Retains the rights of the States to maintain a fund for oil pollution compensation. Authorizes the States to enforce the financial responsibility requirements of this Act. Requires the President to consult with the affected States regarding removal actions.

Title II: Conforming Amendments - Makes conforming amendments to the following Acts: (1) the Trans-Alaska Pipeline Authorization Act; (2) the Clean Water Act; (3) the Intervention on the High Seas Act; (4) the Outer Continental Shelf Lands Act; and (5) the Deepwater Port Act.

Amends the Trans-Alaska Pipeline Authorization Act to abolish the Trans-Alaska Pipeline Liability Fund. Replaces the Trans-Alaska Pipeline Liability Fund and the Deepwater Port Liability Fund with the Oil Spill Compensation Fund of this Act.

Repeals the oil spill liability provisions of the Outer Continental Shelf Lands Act Amendments of 1978 (thereby replacing the Offshore Oil Pollution Compensation Fund under that Act with the Oil Spill Compensation Fund established in this Act).

Increases criminal penalties for failure to report an oil discharge.

Title III: Implementation of the International Conventions - States that the liability of an owner for pollution damage arising from an incident involving a ship shall be determined in accordance with the Civil Liability Convention and the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage, 1984, if the President determines that such Conventions are consistent with the provisions of this Act. Grants Federal recognition to the International Oil Pollution Compensation Fund as a legal entity. Sets forth procedural guidelines for Federal implementation and cooperation with such international bodies.