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Exxon Mobil Makes Monster Profit, Oil Giant Raked In $40.6B ... - Care2 News Network #globalNavWrapper { height: 24px; } #globalNavWrapper #secNav { top: 24px; } #globalNavWrapper .hr { /* submenu dividers */ /* omitted in non-IE */ } Care2 member? Login or become a member! 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Comments Carol W. (111) Saturday February 2, 2008, 8:06 am The year of Katrina was another record for Exxon profits. 40 B year after year while they refuse to pay for damages and clean up of oil spills, pollution, & accidents, stringing out courts & legal maneuvers for a decade rather than accept accountability. WASHINGTON, Oct., 29, 2007http://www.cbsnews.com/stories/2007/10/29/supremecourt/main3423163.shtmlAP) The Supreme Court on Monday agreed to decide whether Exxon Mobil Corp. should pay punitive damages in connection with the huge Exxon Valdez oil spill that fouled more than 1,200 miles of Alaskan coastline in 1989.The high court stepped into the long-running battle over the $2.5 billion in damages that Exxon Mobil owes in the spillage of 11 million gallons of oil into Alaska's Prince William Sound, the worst oil spill in U.S. history.The Exxon Valdez supertanker had run aground on a reef. A federal appeals court already had cut in half the $5 billion in damages awarded by a jury in 1994.The justices said they would consider whether the company should have to pay any punitive damages at all. If the court decides some money is due, Exxon is arguing that $2.5 billion is excessive under laws governing shipping and prior high court decisions limiting punitive damages.The damages were, by far, the largest ever approved by federal appeals judges, the company said in its brief to the court.The case probably will be heard in the spring. The court's last ruling on punitive damages, in February, set aside a nearly $80 million judgment against Altria Group Inc.'s Philip Morris USA. The money was awarded to the widow of a smoker in Oregon.Justice Samuel Alito, who owns between $100,000 and $250,000 in Exxon stock, recused himself from the case.Exxon said it already has paid $3.4 billion in clean-up costs and other penalties resulting from the oil spill, which killed hundreds of thousands of seabirds and marine animals.Lawyers for the plaintiffs, some of whom are deceased, said the damages award is "barely more than three weeks of Exxon's net profits." The plaintiffs still living include about 33,000 commercial fishermen, cannery workers, landowners, Native Alaskans, local governments and businesses.The Irving, Texas-based oil company marshaled more than a dozen organizations ranging from groups of shippers to the U.S. Chamber of Commerce, to support its bid for Supreme Court review.The company argued it should not be held responsible for the mistakes of the ship's captain, Captain Joseph Hazelwood,The company has been battling the judgment for over a decade. The company has managed to get the award cut in half from the original $5 billion awarded in 1994 by an Anchorage jury in the class-action suit.The 9th U.S. Circuit Court of Appeals reduced the punitive damages because, in part, the company tried to clean up the spill and didn't spill oil from the tanker Exxon Valdez deliberately. Why is this inapropriate? Send Report Cancel Your report has been submitted to Customer service. Thank you. There was a problem submitting your report. Please try again later. Paige S. (204) Saturday February 2, 2008, 12:43 pm This company should be embarrassed about this, not bragging about it. Sounds like they could afford to pass along some of that to the consumers by lowering the price they charge to the independent gas station owner, who are making no money off of gas sales, and in some cases are losing money. Do the right thing, Exxon/Mobil. Why is this inapropriate? Send Report Cancel Your report has been submitted to Customer service. Thank you. There was a problem submitting your report. Please try again later. Compose your comment and submit: (plain text only please. Allowable HTML: ) [stop tracking] Track Comments: Notify me with a personal message when other people comment on this story Loading Noted By...Please Wait Most Active Today in World 73 Cracking the 'Great Firewall' of China's Web Censorship 11 comments | visit site 59 UN Cuts School Children's Meals 2 comments | visit site 50 Our Primary Mission Is to Assist the Cultural Survival of the Tibetan People Through Health, Technological and Educational Proje 3 comments | visit site more World stories » Carol W. Carol W. 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