I won't cut and paste the entire blog, but if you follow this link, you'll see how one Louisiana Senator, formerly a Representative in the House, attempted to limit the extent of criminal law when dealing with oil spills. He also has recently introduced a bill to limit the cap on liability for the oil companies:
Flashback: In 2000, Vitter proposed legislation to reduce criminal liability of oil companies for spills Climate Progress
Companies would just raise the prices on the consumer product that 'we' buy, no way they are going to take it out of the shareholders cut of the profits. BP is all set to shell out $10B to it's shareholders and nobody with any authority is saying squat about it.
http://www.nytimes.com/gwire/2010/0...l-bill-could-dwarf-exxons-ivaldezi-91298.html
That is what led many analysts to use the
Exxon Valdez as the barometer for what BP is likely to pay. Exxon paid more than $3.8 billion in cleanup and damage costs, plus about $500 million in punitive damages.
http://climateprogress.org/2010/05/27/exxon-valdez-bp-oil-disaste/
Exxon and BP’s broken record
Many would assume that BP—the company responsible for the Gulf Coast disaster—will cover the entire cost of cleanup. But we learned from the Exxon Valdez spill that the reality is very different:
The Exxon Valdez tanker spilled
more than 11 million gallons of crude oil into Alaska’s Prince William Sound, which eventually
contaminated approximately 1,300 miles of shoreline. The total costs of Exxon Valdez, including both cleanup and also “fines, penalties and claims settlements,” ran as much as
$7 billion. Cleanup of the affected region alone cost at least
$2.5 billion, and much oil remains.
Yet Exxon made high profits even in the aftermath of the
most expensive oil spill in history. They made
$3.8 billion profit in 1989 and
$5 billion in 1990. And this occurred while Exxon disputed cleanup costs nearly every step of the way.
Exxon fought paying damages and appealed court decisions multiple times, and they have still not paid in full. Years of fighting and court appeals on Exxon’s part finally concluded with a U.S. Supreme Court decision in 2008 that found that Exxon only had to pay
$507.5 million of the original 1994 court decree for $5 billion in punitive damages. And as of 2009, Exxon had paid only
$383 million of this $507.5 million to those who sued, stalling on the rest and fighting the $500 million in interest owed to fishermen and other small businesses from more than 12 years of litigation.
Twenty years later, some of the original plaintiffs are no longer alive to receive, or continue fighting for, their damages. An estimated
8,000 of the original Exxon Valdez plaintiffs have died since the spill while waiting for their compensation as Exxon fought them in court.
Be interesting to know what the Lawyers for both sides made.
