DELAY SOUGHT FOR SPILL INSURANCE RULE

Twenty-two U.S. oil executives have written President Clinton urging a delay in the Coast Guard rule requiring increased oil spill insurance for tankers effective Dec. 28. Writing under an American Petroleum Institute letterhead, the oilmen told Clinton, "Serious efforts are under way (to provide coverage) to enable shipowners to comply with the law. However, many tanker owners cannot today obtain the necessary insurance."

Dec. 19, 1994

Twenty-two U.S. oil executives have written President Clinton urging a delay in the Coast Guard rule requiring increased oil spill insurance for tankers effective Dec. 28.

Writing under an American Petroleum Institute letterhead, the oilmen told Clinton, "Serious efforts are under way (to provide coverage) to enable shipowners to comply with the law. However, many tanker owners cannot today obtain the necessary insurance."

They said oil companies are already experience . nc, difficulty in chartering vessels. They voiced doubt that insurance will be available in time to ensure a supply of crude for some refiners.