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NU Online News Service

WASHINGTON–An industry official will testify before Congress Wednesday that a steep hike in the damage limits from an offshore drilling accident could drive offshore drillers out of U.S. waters.

Robert Hartwig, an economist and president of the Insurance Information Institute, said he will tell the House Transportation and Infrastructure Committee Wednesday that a proposed increase in the limits for environmental liability from an oil spill from the current $75 million to $10 billion is beyond the capacity of the insurance industry.

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