This bill has passed. I now present it to the President for his signature.
Oil Spill Protection Act
Section 1: Oil Profits Tax
1. Any oil company that does business within Atlasia and earns a larger quarterly profit than one billion dollars shall be subject to a 5% tax on all profits above one billion dollars in that quarter.
2. Revenue from the oil profits tax shall be diverted into a newly created Oil Spill Protection Fund which shall be used to promote research and development of new technologies to prevent environmental damages in the event of an oil spill or similar disaster, as well as to fund emergency clean-up and rebuilding measures in the aftermath of such an event.
Section 2: Regulatory Effectiveness
1. All oil rigs and drilling platforms operating within Atlasian land and waters, regardless of their supposed nationality, shall be subject to Atlasian regulatory rules and will be inspected regularly by personnel from the Department of Internal Affairs.
2. All oil drilling platforms are required to install and regularly test each month 'emergency blow-out preventers' and evacuation drills.
3. Companies operating any oil drilling platforms that do not meet Atlasian safety regulations may be required, at the discretion of the Department of Internal Affairs, to pay additional taxes into the Oil Spill Protection Fund.
Section 3: Responsibility
1. In the event of an oil spill or another oil-related disaster, the oil and drilling companies in question shall be entirely responsible for cleanup measures. If deemed necessary by the Secretary of Internal Affairs, the financial resources of the Oil Spill Protection Fund will be made available to ensure a swift and full cleanup process.
2. No monetary cap shall be put in place for oil spill cleanup and compensation for damages.
3. Nothing in this bill shall be construed in such a way as to prevent volunteer cleanup and rescue efforts, and they may freely coordinate with local officials. Expenditures made from volunteer efforts for the purposes of cleanup and rescue may be reimbursed with funds from the Oil Spill Protection Fund.