Oil Spill Liability Fund and Compensation Act

[AI summary unavailable — showing source text] Oil Spill Liability Fund and Compensation Act - Imposes liability for the illegal discharge of oil or other hazardous substances. Permits, as a defense to such liability, proof that the discharge was solely caused by an act of God, an act of war, negligence on the part of the United States, or an act or omission of a third party. Imposes liability for all costs incurred in cleanup, damages for economic loss or loss of natural resources, and other specified losses including direct or indirect loss of taxes, royalties, rental, or net profits due governments for a maximum of one year. Establishes limits to the liability of offending parties. Waives such limits upon a showing of willful negligence or failure to provide all reasonable cooperation with cleanup crews. Permits the President to establish maximum limits of liability in specified instances. Establishes, in the U.S. Treasury, an Oil Spill Liability Fund. Directs the Secretary of the Treasury to collect a fee, to be paid into the Fund, on all oil shipped to or from the United States. Provides for civil penalties for failure to pay or collect fees required by this Act. Permits the President, at any time the Fund is inadequate to…