AFE 2021: Hidden Costs and Who Pays: The Economics of Oil Spills
February 3 @ 11:00 am - 12:00 pm
Oil spills, whether large or small, can be expensive to clean up. Ultimately, the spiller is responsible for costs, but the ins and outs of how money moves and who pays is complex, especially when it comes to long-term restoration and other less apparent costs. Breck Tostevin, former member of the Alaska Attorney General’s office, will speak about oil spill liability, the federal Oil Spill Liability Trust Fund (OSLTF) and state Oil and Hazardous Substances Release Prevention and Response Fund (commonly called the 470 Fund), and some less obvious financial impacts of oil spills. Cameron Duff, an economist at National Oceanic and Atmospheric Administration (NOAA), will discuss costs of Natural Resource Damage Assessment and Restoration (NRDAR), how NOAA analyzes the cost of oil spills, and case studies and data from past damage claims and settlements. If the economics of oil spill response interests you, let this session help untangle the details.
Presented by: Breck Tostevin, Neilson Kock PLLC, Cameron Duff, National Oceanic and Atmospheric Administration