2 Years Ago: Exxon Valdez Oil Spill Fines Reduced
Two years ago today, the fines Exxon Mobil was to pay for the Exxon Valdez oil spill were drastically reduced.
Originally, Exxon Mobil was supposed to pay $5 billion in fines for the Exxon Valdez oil spill. A federal appeals court reduced these fines to $2.5 billion. Then on June 25th, 2008, 19 years after the Exxon Valdez oil spill, the US Supreme Court again reduced the fines Exxon Mobil was to pay for what was the worst oil spill in America’s history at that time to just $507.5 million.
To put this in perspective, Exxon Mobil’s earning for the previous year were $40.7 billion.
So when I hear all these big promises about the BP Gulf oil spill, I remain cautiously optimistic.