Wednesday, June 12, 2013
An Environmental Ecnomist Explains Why He Will Stop Buying Exxon Gasoline Again
This economist eventually forgave Exxon for its role in the Valdez oil spill. Exxon's actions in a recent oil spill in Arkansas, however, has caused him to rescind his forgiveness. Exxon argued that homeowners in Arkansas whose homes were not touched by the spilled oil have suffered no loss in the value of their property. Therefore, a suit filed by distressed homeowners should be dismissed. Exxon's legal argument assumes that an oil spill in one's neighborhood has no impact on the value of one's home. Fortunately for Exxon, the neighborhood, which has been harmed by the oil spill, can not file a law suit against Exxon. Geographic areas have no standing in a court of law. It is only liable for the cost of cleanup imposed on the state.