Oil Transportation by Vessel Liability Act

[AI summary unavailable — showing source text] Oil Transportation by Vessel Liability Act - Makes the owner and operator of a vessel (other than a public vessel) liable for all damages, cleanup costs, and interest resulting from such vessel. Limits the liability of such owner or operator unless: (1) there is gross or willful negligence or violations; or (2) there is a lack of cooperation. Sets forth specified defenses to such liability. Requires the Secretary of Transportation to report periodically to Congress concerning the desirability of adjusting the liability limitations. Prohibits any agreement transferring liability from the vessel owner or operator. Sets forth the damages due to oil discharges for which claims may be made. Makes the President or authorized State representative public trustees of the natural resources. Permits claims by foreigners or foreign nations. Establishes an Oil Cargo Liability Fund in the U.S. Treasury to be liable for all damages and cleanup costs not otherwise compensated by the owner or operator. Authorizes the Secretary of the Treasury to invest moneys in the Fund in U.S. interest-bearing special obligations. Directs the Secretary of Transportation to issue notes or other obligations to the …