Oil Spill Financial Responsibility Law & Legal Definition

According to 30 CFR 253.3 [Title 30. Mineral Resources; Chapter II. Bureau Of Ocean Energy Management, Regulation, And Enforcement, Department Of The Interior; Subchapter B Offshore; Part 253 Oil Spill Financial Responsibility For Offshore Facilities, Subpart A General], ‘oil spill financial responsibility (OSFR)’ means “the capability and means by which a responsible party for a covered offshore facility will meet removal costs and damages for which it is liable under Title I of the Oil Pollution Act of 1990, as amended (33 CFR 2701 et seq.), with respect to both oil-spill discharges and substantial threats of the discharge of oil.”