Punitive and compensatory damages were the measure used to Exxon and other oil transport companies as a legal remedy for their behavior in these environmental crimes, as endorsement of regulations incites due to issues like this one. As this case was treated in the view of old maritime law, it has urged federal government to pass Oil Pollution Act 1990 to estimate the liabilities properly in these accidents of oil spills and mishandling (Elliott & Stuart, 1989).
This issue is also the main cause of enforcement of 1993 MARPOL Convention, a conference conducted by International Maritime Organization, the convention has passed the regulation to double the hulls in all new oil vessels and to install latest monitoring and cleaning systems by all international oil companies.
During the hearing of suits against Exxon, its share prices were also changed according to the verdicts against the company, for instance, when company and captain Hazlewood found guilty in oil spilling, company’s share lost 10 percent of its value. Also when penalty of $300mn was announced, the share actually rises by $2 as it was less in view of the expectations, after these verdicts consumer prices were also increased for Exxon oil.
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