Chevron to pay $18 billion to Ecuador
To Reuters : ” An Ecuadorean appeals court on Tuesday upheld a ruling that Chevron Corp should pay $18 billion in damages to plaintiffs who accused the U.S. oil giant of polluting the Amazon jungle and damaging their health. “
” A judge ordered Chevron to pay $8.6 billion in environmental damages last February, but the amount was more than doubled to about $18 billion because Chevron failed to make a public apology as required by the original ruling. “
This brings further development to the story I ran in 2010 where I noted that during three decades Texaco operated hundreds of oil wells without taking any notice of environmental issues.
What if all oil companies paid fines to communities they polluted ? Oil prices would sure increase and alternatives would be as sought as they should be.