Big Oil Wins
June 26, 2008 at 02:47 AM
… as if anyone had any doubt they would.
link from Associated Press on Yahoo! News
- Punitive damages award goes from $5 billion to $507 million being dragged out by Exxon in appeals court for 14 years.
- Exxon already paid out $507 prior to this ruling. Oh but it gets better.
- Exxon didn’t actually end up spending any money insurance paid some of it, and they wrote the rest off their taxes.
- First quarter 2008 profits at Exxon Mobil in 2008 were $10.9 billion.
- Now oil companies know what an massive environmental oil spill disaster really costs after being dragged out in court: half a billion, or, less than 5% of one quarter’s profits.
- I wonder what this ruling will do for maritime transport safety. :-| I guess it was all the captain’s fault and Exxon has no real responsibility.
- The Prince William Sound still hasn’t recovered, neither has the surrounding community.
The Supreme Court needs to be given an enema.