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View Diary: Chevron still on the hook for the largest ever environmental lawsuit (10 comments)

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  •  It would have been (1+ / 0-)
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    Turbonerd

    far cheaper to simply clean the mess up than all the money they've spent litigating. I guess they fought for the principle of never allowing any precedence of any oil company ever taking responsibility for a mess they made.

    music- the universal language

    by daveygodigaditch on Fri Jan 13, 2012 at 07:56:30 PM PST

    •  I'm sure there was a coldblooded calculation (0+ / 0-)

      Of the likelihood of being held accountable and the significant costs of remediation, vs. the cost of a prolonged legal battle to deny or at least delay responsibility. And even if the legal fees amounted to hundreds of millions of dollars to this point, that's still several orders of magnitude less that the cost of the cleanup. No brainer, really. Shareholder value and all that.

      What's really galling is that by all accounts, the Oriente operation employed not even the modest environmental safeguards practiced in the US in the 60s/70s. One of the articles mentioned that officials in the Ecuadoran oil ministry realized that they had been snookered, but with revenues from the project generating something like 50% of GDP felt constrained from putting any real pressure on Texaco to clean up.

      Reforms come from below. No man with four aces howls for a new deal.
      WWMBD?

      by Turbonerd on Fri Jan 13, 2012 at 08:52:29 PM PST

      [ Parent ]

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