Washington ( CNN ) -- Top congressional Democrats renewed their push Wednesday for legislation that would remove all oil spill liability caps -- a move some Republicans warn would lead to stronger monopolies in the energy sector while increasing U.S. dependence on foreign oil sources . Among other things , Democrats are targeting the 1990 Oil Pollution Act , which could limit BP 's liability for economic damages incurred by the Gulf disaster to $ 75 million . Critics note that the amount is a small fraction of the cost a major oil spill like the Gulf disaster will inflict on communities . BP has said it will waive the cap on damages and pay `` all legitimate claims '' as a result of the Gulf spill , the largest in U.S. history . Democratic leaders on the Senate Environment and Public Works Committee , however , said during a hearing Wednesday that the caps need to be permanently lifted under the law . The issue was also broached during a meeting of the House Transportation and Infrastructure Committee . The Senate Judiciary Committee held a separate hearing on the hotly disputed matter on Tuesday . `` If you or I ... got into an accident that we caused , ( we 'd be ) responsible for all the damages , '' said Sen. Barbara Boxer , D-California , the Environment and Public Works Committee 's chairwoman . There would be `` no caps in that case , and there should be no caps in this case . '' The proposal now under consideration originally would have raised the cap to $ 10 billion . Democrats later changed it -- with the backing of the White House -- to eliminate the cap completely . `` The person who makes the mistake ought to be responsible , '' said Florida Democratic Sen. Bill Nelson , one of the bill 's sponsors . `` And if the penalty is that they 're going to be responsible and have to pay , they 're sure going to be a lot more careful about what they 're doing . '' But Sen . Kit Bond , R-Missouri , argued that the proposal would give the largest energy companies a virtual monopoly by making oil drilling in places like the Gulf of Mexico prohibitively expensive . It will `` kill all competition that big oil faces '' and turn the Gulf `` into big oil 's own private pond , '' he asserted . `` We can not close down the Gulf ... without putting ourselves at hostage even further to the Venezuelans , the Chinese , Russia ( and other oil producers ) that do n't have to follow '' the same standards . If we get this wrong , Oklahoma GOP Sen. James Inhofe said , it `` could set back this nation 's energy future for decades . '' We need to approach the issue `` logically and not emotionally . '' Sen. Bob Menendez , D-New Jersey , dismissed GOP concerns about the potential creation of a new energy monopoly . This is n't about mom-and-pop drillers , he said . `` This is about safe versus unsafe companies . '' `` If you 're an unsafe company that 's also small , we should ( all ) be concerned , '' he said . `` Small safe companies should be able to continue operating in the Gulf without fear . '' Sen. Lamar Alexander , R-Tennessee , suggested that Congress should adopt for oil companies the liability standard currently used by the nuclear industry , under which every company is held responsible for any accident . `` All of the operators ... are interested '' in what 's happening at other reactors , he said . Under that standard , `` you would n't have the prospect of Chevron or Exxon sitting on the sidelines watching BP '' trying to deal with the current spill . Sen. David Vitter , R-Louisiana , in turn pushed an alternative measure specifically holding BP liable for the current Gulf disaster without permanently repealing liability caps . Menendez slammed Vitter 's plan , calling it `` bad public policy and also ( probably ) illegal . '' The $ 75 million cap is one of several potential limitations on oil companies ' liability now being targeted by Democrats . Several senators have also blasted a 2008 U.S. Supreme Court ruling that cut the amount of punitive damages a jury awarded to victims of the 1989 Exxon Valdez oil spill by $ 2 billion . They 've also criticized an 1851 law limiting shipowners ' post-accident liability to the value of a sunken vessel . Rig owner Transocean used the law in the days immediately following the April 20 Gulf explosion to attempt to limit its liability to $ 26 million .
Top Democrats say removal of oil spill liability cap needs to be permanent . The 1990 Oil Pollution Act caps liability at $ 75 million . Score: 6 It `` could set back this nation 's energy future for decades , '' senator warns .