It appears this has been blocked by Sen. Lisa Murkowski (R-Alaska)
I believe there has been a bill introduced to change that to 10 billion +/- and hopefully be retroactive
Edit; http://news.yahoo.com/s/ap/20100503/...pill_liability
A law passed in response to the 1989 Exxon Valdez spill in Alaska makes BP responsible for cleanup costs. But the law sets a $75 million limit on other kinds of damages.
Economic losses to the Gulf Coast are likely to exceed that. In response, several Democratic senators introduced legislation Monday to raise the liability limit to $10 billion, though it was not clear that it could be made to apply retroactively.
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