Editors' Summary: The Exxon Valdez oil spill in Prince William Sound, Alaska, did more than ravage a pristine environment. It also exposed the deficiencies in the jumble of federal and state laws that establish liability for environmental and economic damages caused by oil spills. The author, using the Exxon Valdez spill as a example, analyzes whether full compensation for all parties damaged by tanker oil spills is available under the existing statutory scheme. The Article examines the potential for full compensation at the various stages of response to a tanker oil spill: mandatory relief to force cleanup and restoration, recovery of government response costs, and compensation for natural resource damages and economic loss. The author concludes that the availability of full compensation is unclear. Full compensation is potentially available for response costs, natural resource damages, and economic loss. However, the federal government's ability to force oil companies to conduct a proper cleanup may be limited. Further, the multiple liability provisions may dictate different results under different factual settings. Comprehensive oil spill legislation is needed to eliminate the loopholes and inconsistencies in existing law.