Terminals would pay for multimillion-dollar risk
A state lawmaker from Albany is proposing that oil storage terminals that handle Bakken crude oil or tar sands oil — like the two terminals at the Port of Albany — be required to put up financial guarantees to cover the multimillion-dollar costs of dealing with spills, fires or explosions.
Assemblywoman Patricia Fahy said Friday the change is needed to make sure Albany does not face the same situation as the small Canadian town of Lac Megantic, which was devastated July 6, 2013, by a Bakken crude oil train explosion that killed 47 people. The railroad company involved went bankrupt, leaving insurance that falls far short of covering billions of dollars in damage.
"We think that terminal operators should put up enough financial security to cover expenses after something happens," said Fahy, a Democrat whose district includes Albany, and the suburban towns of Bethlehem, Guilderland and New Scotland. "If anything were to happen at the oil terminals at the port, it could be a massive bill." continue reading here