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Sponsors
3 Co-sponsors
History
- Referred to environmental conservation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to requiring petroleum bulk storage facilities to provide a surety to be used in the case of a necessary cleanup and decontamination
In Senate Committee · Rules · Sponsor Patricia Fahy
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7718
Title of bill
An act to amend the environmental conservation law, in relation to global financial surety
Purpose or general idea of bill
To require petroleum bulk storage facilities to provide a surety to be used in the case of a necessary cleanup and decontamination.
Summary of specific provisions
Section 1: amends the environmental conservation law by adding a new section 17-1019.
Section 2: effective date
Justification
The Petroleum Storage Surety bill is in response to recent accidents resulting in substantial financial losses to both public and private entities due to injuries, loss of life, damages and clean up costs, all as a result of explosions and spills from improper handling of volatile and toxic crude oil shipments. This bill would apply to crude oil stored at all bulk storage facilities in New York State and require financial security to meet all responsibilities for cleanup and decontamination costs associated with the release of such oil.
The transport of crude oil by rail has increased exponentially nationwide over the past five years, from over 9,000 carloads of crude oil in 2008 to over 400,000 in 2013, and the need for storage facilities has expanded accordingly. There is a heightened awareness of safety issues related to the transportation and storage of crude oil and the Petroleum Surety bill is one attempt to address the negative impacts of mishandling and improper storage of crude oil Rail transportation of crude oil is regulated by federal law whereas bulk storage of crude oil is governed by state law.
It is necessary that financial surety measures be put in place to ensure that the public is not burdened with the big costs resulting from crude oil accidents. This may include evidence of insurance, a letter of credit, or a bond from a corporate surety licensed to do business in New York State.
The Petroleum Storage Surety bill will ensure that any bulk petroleum storage facility has the necessary financial security to balance the risk of any accident occurring that is directly related to storing crude oil.
Prior legislative history
New Bill.
Fiscal implications
None to the state.
Effective date
This act shall take effect on the sixtieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.