US lawmakers are expected to unveil a condensed new energy bill to help make offshore drilling safer.
The bill is likely to hold BP accountable for its Gulf of Mexico oil spill and seek to prevent similar environmental disasters.
The bill will also raise the liability cap for companies to $10bn from $75m.
Lawmakers may also consider raising taxes on the oil and gas industry, for example, the Oil Spill Liability Trust Fund tax to 49¢ per barrel from 8¢ per barrel, reports Reuters.
This fund, created in the aftermath of the Exxon-Valdez accident in Alaska in 1989, helps pay claims for financial or property losses caused by oil spills.