Oil Spill Liability Trust Fund
The Oil Spill Liability Trust Fund (OSLTF) is a U.S. federal fund established under the Oil Pollution Act of 1990. It is designed to provide a substantial source of funding to cover the costs associated with cleaning up oil spills in U.S. waters. The fund is financed through a tax on oil, as well as fines, penalties, and cost recovery from parties responsible for oil spills. The OSLTF is managed by the National Pollution Funds Center (NPFC), a part of the U.S. Coast Guard. The fund can be used for a variety of purposes, including the removal costs and damages resulting from oil spills or substantial threats of oil spills to navigable waters of the United States. It also provides funding for the initiation of natural resource damage assessments and claims for uncompensated removal costs and damages. The OSLTF plays a crucial role in maritime safety and environmental protection, ensuring that resources are available for immediate response to oil spills, mitigating the impact on marine ecosystems and coastal communities.
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