Oil Pollution Liability and Compensation Act of 1988

[AI summary unavailable — showing source text] Oil Pollution Liability and Compensation Act of 1988 - 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 or 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 Federal and State tax, royalty, rental, or net profits share revenue for up to one year. Establishes liability limits for: (1) owners and operators of tankers; (2) other vessel owners; (3) lessees and permittees of Outer Continental Shelf facilities; (4) deepwater port facility owners; and (5) other facility owners. Excludes interest (including prejudgment interest) from such limits. Authorizes the President to establish lower liability limits for other onshore or offshore facilities. Requires the periodic adjustment of liability limits to reflect increases in the Consumer Price Index. Makes the President (or the authorized representative of any State or foreign government) t…