Prestige oil spill causing great harm to the local fishing industry. The spill is the largest environmental disaster in the history of both Spain and Portugal. The amount of oil spilled was more than the "Exxon Valdez" incident and the toxicity considered higher, because of the higher water temperatures. In 2007 the Southern District of New York dismissed a 2003 lawsuit by the Kingdom of Spain against the American Bureau of Shipping, the international classification society which had certified the "Prestige" as in compliance with rules and laws, because ABS was a "person" per the International Convention on Civil Liability for Oil Pollution
Oil Pollution Act of 1990 which the discharge occurred. The Oil Spill Liability Trust Fund is a trust fund managed by the federal government and financed by a per-barrel tax on crude oil produced domestically in the United States and on petroleum products imported to the United States for consumption. The fund was created in 1986, but use of the fund was not authorized until the Oil Pollution Act's passage in 1990. The funds may be called upon to cover the cost of federal, tribal, state, and claimant oil spill removal actions and damage assessments as well as unpaid liability and damages claims. No more