This document considers the types of environmental and social damage and economic injury that may result from a release of oil. The effects of oil on the fisheries and tourism sectors, as well as on other commercial activities, are described. The sources of funds that may be available to compensate for such damages are identified, and the legislation and compensation schemes that enable payments are explained. The methods by which the various types of economic damage can be quantified and calculated under the schemes, and the procedures necessary for submitting claims for losses are outlined, including claims for the costs of a response, as well as for property damage and for economic loss.