Exxon valdez noaas damage assessment remediation and. Definition of exxon valdez in oxford advanced learners dictionary. Exxon valdez 1989 wildlife rescue and rehabilitation program, 1991. Exxon aims to bail on payments for valdez damage mother. Rockefeller founded an oil corporation called standard oil in 1870. But the human damage is a little harder to see because its slower in coming. About 37,000 tonnes of alaska north slope crude escaped into the sound and spread widely.
Exxon s oil spill relevant to current bp oil spill. The oil spill was caused when an oil tanker, the exxon valdez, hit bligh reef in the gulf of alaska in march of 1989. In march of 1989 the exxon valdez, loaded with 1,264,155 barrels of north slope crude oil ran aground on bligh reef in the northeastern portion of prince william sound. Bps pr blunders mirror exxon s, appear destined for record book print. Tenacious lawyer turns exxon spill into pollution case for. Has exxon fully compensated the alaskans for the damage caused by the oil spill. An assessment of the impact of the exxon valdez oil spill on the alaska tourism industry phase i. An assessment of the impact of the exxon valdez oil spill on the. The valdez spill is the second largest in us waters, after the 2010. However, this and other studies suggests the remaining oil is sequestered, or buried, and currently is not posing. On march 24, 1989, shortly after midnight, the oil tanker exxon valdez struck bligh reef in prince william sound, alaska, spilling more than 11 million gallons of crude oil. In the quarter century since the exxon valdez foundered, changing economic and climatic conditions have led to. On march 24, 1989, the exxon valdez grounded in prince william sound pws, spilling between 11 to 38 million gallons of crude oil. Study report, preliminary economic analysis of recreational fishing loses.
Prosecutors allege that over four months paige thompson, a 33yearold software developer. The authors of the two exxon studies acknowledged that isits to the area of the spill. However, economic impacts have persisted due to the longterm collapse of the prince william sound herring fishery, which had not recovered as of 2007 carls et al. An assessment of the impact of the exxon valdez oil spill. A 2001 study found oil contamination remaining at more than half of the 91 beach sites.
Direct contact with the oil slick killed at least 140 bald eagles, 302 harbor seals. Apr 21, 1989 the exxon corporations reputation was bound to suffer after the exxon valdez ran aground off alaska and dumped 250,000 barrels of oil into prince william sound. Updated spring 2007 by professor ron smith for students at buffalo state college. The five studies funded by the state of alaska are. May 02, 2017 wildlife recovery following the exxon valdez oil spill was highly variable across species release date.
Lessons learned from the exxon valdez and deepwater. Abstract the accounting profession may be required to develop new accounting models to account for the liability costs incurred by companies as a result of causing severe environmental damage. Exxon valdez spill case study summary crisis management. Supertanker exxon valdez, second newest in fleet, 984feet, 24 mar 1989, 9. It is considered the worst oil spill worldwide in terms of damage to the environment.
The 1989 exxon valdez oil spill and the 2010 bp oil spill were the largest and most ecologically damaging releases of oil in north american history. Economic damage experience in all industries you are here. The exxon valdez oil spill and its impact on community and. May 2, 2017 thanks to a quartercentury of research and monitoring, scientists now know how different wildlife species were injured by the 1989 exxon valdez oil spill and how long it took for populations to recover. Exxon valdez case study crisis management and strategies. On march 24, 1989 the oil tanker exxon valdez ran aground in prince. Longterm study of lingering oil from exxon valdez spill offers new insights for resource managers. Di jennifer jiang comm642 summer 2011 exxon valdez spill background exxon was one of the five largest companies among the worldwide energy industries in theunited states. Economic impacts of the spill exxon valdez oil spill. Twentyfive years ago, the exxon valdez supertanker ran aground. The second major study of communities affected by the exxon valdez oil spill was an extension of the single most comprehensive social and cultural study of contemporary life in alaska, begun in 1986.
Its been more than 22 years since the exxon valdez dumped 10 million gallons of crude. Resource damage assessment and restoration program nrdar program is to. Evaluation of environmental damage by the exxon valdez. Colonial academic alliance undergraduate research journal. When the tanker leaked millions of gallons of the alaskan coast, scientists predicted major environmental damage, but they expected those. It contaminated 1,300 miles of coastline with 250,000 barrels or 11 million gallons of oil. The exxon valdez oil spill occurred when an oil tanker crashed onto the shore of prince william sound in alaska on march 24, 1989.
It is very important to study and analyze the effects of the exxon valdez oil spill. Exxon valdez oil spill economic effects the balance. In 1989, an oil tanker ran aground because its captain was drunk, and over 300,000 barrels of crude poured into the water of prince william sound, causing significant, though not. Economic evaluation of oil spill damage sponsored by petroleum association of japan tokyo, japan february 2728, 2003 evaluation of environmental damage by the exxon valdez incident molly mccammon executive director exxon valdez oil spill trustee council february 28, 2003. Most of the claims of the exxon valdez victims are for what bruce feldthusen labels relational economic loss. Exxon valdez oil spill, three mile island accident, bophal chemical plant explosion, disaster these are some examples of major disasters which occurred during the night shift. Economic loss, punitive damages, and the exxon valdez. Ibm security, a consultancy, puts the average cost of a data breach. The understandable emphasis on the award of punitive damages in recent literature has overshadowed an extremely important part of the exxon valdez litigation, namely the wholesale rejection of numerous claims for purely economic loss by the federal district court in the early 1990s. At the height of its success, in 1904, standard oil controlled 91% of production and 85% of final sales in the us, making john rockefeller one of the wealthiest men in the united states to date. The 1989 exxon valdez oil spill released millions of gallons of crude oil into prince william sound alaska. Making the polluter pay foundation for economic education.
Calm seas, clearly marked maps uncertified 3rd mate gregory cousins at helm. This paper will discuss the cleanup, the damage, and the results of the biggest oil spill in united states history. Alyeska is a consortium of eight firms that operates the transalaska pipeline and the valdez shipping terminal. The exxonvaldez oil spill is considered to be one of the biggest manmade environmental disasters that has ever affected the united states. Exxon valdez, her engines, tackle gear, equipment and. Comprehensive ecosystem studies were funded through a 1991 civil settlement for natural resource damages under the clean water act. Skinner, secretary, department of transportation, and william k. Exxon valdez oil spill restoration project final report. Shortly after midnight on march 24, 1989, the tv exxon valdez ran aground on. This website was developed as part of an exxon valdez oil spill evos restoration funded project intended to make information relative to the exxon valdez oil spill damage assessment and restoration more readily available to permitters, regulators, researchers, and the public in response to a state commitment to cook inlet interests.
Exxon valdez oil spill latest breaking news, pictures, videos, and special reports from the economic times. The case turned into a dress rehearsal for the exxon valdez trial. Oct 23, 2018 the exxon valdez oil spill occurred when an oil tanker crashed onto the shore of prince william sound in alaska on march 24, 1989. A case study of the exxon valdez oil spill hermach, wendy crisis management moral and ethical aspects. The exxon valdez cv survey instrument was developed over an 18month period from july 1989 to january 1991. Task 1, final report, author, abstractnote the impacts of oil spills ranging from the large, widely publicized exxon valdez tanker incident to smaller pipeline and refinery spills have been costly to both the oil industry and the public. But for steinerand probably many othersthe exxon situation raises. Oil spills by the numbers center for american progress. Exxon valdez oil spill, massive oil spill that occurred on march 24, 1989, in prince william sound, alaska. Exxon balked and embarked on a longrunning legal battle. Jul 15, 2015 five years ago this week, engineers stopped the deepwater horizon dwh oil spillthe largest one in u.
On march 24, 1989, in prince william sound alaska, the exxon valdez was moving south west after leaving port valdez. In fact, the exxon valdez was exxon s largest tanker. Over 100 law firms participating in over 200 suits in federal. Five years ago this week, engineers stopped the deepwater horizon dwh oil spillthe largest one in u.
In the 1998 videogame fallout 2, an alternate version of the exxon valdez called the pmv valdez. Carson, mitchell, hanemann, kopp, presser, and ruud 2003 in lost economic value. Exxon aims to bail on payments for valdez damage mother jones. Before the bp explosion in the gulf of mexico, the worst domestic oil spill was the 1989 exxon valdez in alaska.
Exxon valdez oil spill blogs, comments and archive news on. Exxon valdez oil spill on march 24, 1989, the tanker exxon valdez grounded on bligh reef in alaskas prince william sound, rupturing its hull and spilling nearly 11 million gallons of prudhoe bay crude oil into a remote, scenic, and biologically productive body of water. It was designed to be administered, facetoface, to a national sample. Many believe that there were lost opportunities in the immediate aftermath of the exxon valdez spill to help contain the damage. Exxon valdez oil disaster still affects communities, wildlife. The central part of the survey instrument was the valuation scenario that described the damages caused by the exxon valdez. May 21, 2010 the understandable emphasis on the award of punitive damages in recent literature has overshadowed an extremely important part of the exxon valdez litigation, namely the wholesale rejection of numerous claims for purely economic loss by the federal district court in the early 1990s. Introduction the physical cleanup following one of the worst oil spills in history, that of the exxon valdez, is done.
In the years immediately following the oil spill, the governments funded several studies to evaluate the economic effects of the spill. Timeline of recovery from exxon valdez oil spill twentyfive years after what used to be the largest oil spill in u. It was funded by the doi mms and awarded to joseph g. Longterm community impacts of the exxon valdez oil spill. Prince william sound had been a pristine wilderness before the spill. Exxon now holds frequent, extensive oil spill drills. Sep 22, 2016 executive summary of the exxon valdez oil spill. Oil residues remain trapped in intertidal sediments at a few locations and scientists dispute the evidence of longterm damage to wildlife and fish populations. The brc program generated 172,224 of these visitors 7l,760.
Restoration plan exxon valdez oil spill trustee council. Recovery for economic loss following the exxon valdez. Thomas law journal volume 7 issue 1fall 2009 article 8 2009 the legacy of exxon valdez. The oil spill was caused when an oil tanker, the exxonvaldez, hit bligh reef in the gulf of alaska in march of 1989. The exxon valdez oil spill was a manmade disaster that occurred when exxon valdez, an oil tanker owned by the exxon shipping company, spilled 11 million. Why the exxon valdez spill was a eureka moment for science. Clean up of the exxon valdez spill stanford university. The economics of a disaster represents a major contribution to the understanding of the economics of liability and damages.
Oriental nicety, formerly exxon valdez, exxon mediterranean, seariver mediterranean, sr mediterranean, mediterranean, and dong fang ocean, was an oil tanker that gained notoriety after running aground in prince william sound spilling hundreds of thousands of barrels of crude oil in alaska. Economic loss, punitive damages, and the exxon valdez litigation. Lessons learned from the exxon valdez and deepwater horizon. Evaluation of environmental damage by the exxon valdez incident. Exxon valdez oil spill litigation environmental damage. The true costs of the exxon valdez oil spill include not only economic losses, but also loss to wildlife. May 04, 2010 exxon valdez oil disaster still affects communities, wildlife. Even when harm occurs as a result of pollution, the polluter pays principle is routinely violated. We report on the results of a largescale contingent valuation cv study conducted after the exxon valdez oil spill to assess the harm caused by it. Exxons behavior after the accident was exemplary, he said in an interview. In 1989 the thinhulled exxon valdez supertanker ran aground in prince.
The ship was carrying over fifty million gallons of crude oil. Always respond swiftly to a crisis with appropriate human emotion and take responsibility for the loss of life or damage no matter what. This was the first jury trial for exxon involving the valdez spill but the second jury trial for mr. Twenty years later, impacts of the exxon valdez linger. Because it is so well known, the valdez oil spill is an excellent example of a thorough root cause analysis investigation shortly after midnight on march 24, 1989, the valdez, transporting crude oil from alaska to california, struck bligh reef. Also, in 1991, exxon made a quiet, separate financial settlement of damages with a group of seafood. Although there will always be certain hazards in the oil and gas industry, it doesnt mean that all accidents are inevitable. Wildlife recovery following the exxon valdez oil spill was. Economic damage experience in all industries hampton ip.
Lingering oil from exxon valdez spill noaa fisheries. It is based on the assumption that if people know they can be held responsible for some or all of the costs or damages sustained in an environmental accident, they will change their behavior to make the accident less likely to occur or to reduce the damages should it occur. Exxon valdez grounded on bligh reef in prince william sound, alaska, on 24 th march 1989. The harm to wildlife was estimated to include the loss of 250,000 seabirds. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more.
Nearly 11,000,000 gallons of crude oil were dispersed when the exxon valdez ran aground, polluting 1,300 miles of alaskan shoreline and causing the. The two main product of exxon are oil and gas because the company purposes to improve living standards by providing energy to the growing world. Spill unit costs for tankers, pipelines, refineries, and offshore facilities. In addition, the valdez accident adds a complicating factor, one not common to all relational. In addition, the existence of volatile levels of exxon valdez oil on beaches. The exxon valdez oil spill occurred in prince william sound, alaska, march 24, 1989, when. Bps pr blunders mirror exxons, appear destined for. Contingent valuation and lost passive use 259 of cv is contained in the exxon sponsored conference volume, hausman 1993, and written submissions directed to writers of natural resource damage assessment regulations in dol and noaa. Bp also focused on science and engineering, sellnow said, talking about how it planned to stop. A preliminary economic analysis of recreational fishing losses related to the exxon valdez oil spill december 1992. Damages from the exxon valdez oil spill springerlink. Reilly, administrator, environmental protection agency, prepared by the national response team, may 1989.
Pdf economic loss, punitive damages, and the exxon. Current models do not account for the full costs of using important natural. Oct, 2011 exxon aims to bail on payments for valdez damage. The exxon valdez oil spill occurred in prince william sound, alaska, march 24, 1989, when exxon valdez, an oil tanker owned by exxon shipping company, bound for long beach, california, struck prince william sounds bligh reef, 1. Two years following the exxon valdez spill, the economic losses to recreational. Exxon s behavior after the accident was exemplary, he said in an interview. Jorgensen, as principal investigator, through the human relations area files, inc. The injurer caused physical damage to an asset, and those who had relied upon the continued availability of the damaged asset suffered losses. Schumpeter the exxon valdez of cyberspace business the. More than 40 million liters of crude oil spilled into the ocean, polluting the coast. The exxon valdez oil spill occurred march 24, 1989, in prince william sound. A small portion of the oil from the 1989 exxon valdez spill still lingers in patches beneath prince william sound, alaska, beaches. In the quarter century since the exxon valdez foundered, changing economic and climatic conditions have led. They have been proactive in developing crisis strategies for other companies as well.
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