Debt Free News

Exxon headed for more requests in appeals court

January 4, 2007

While this breaking news may not be about person debt or debt free living on a personal level, it is compelling to our news department nonetheless. This is a battle that has been raging for more than a decade and it tugs at many environmentalist heart strings as well as peaks our debt news department’s interest because it concerns would be debt on a major company level.

Exxon Mobil Corp. has filed a request (yet another) requesting that a federal appeals court  reconsider its December 2006 ruling that holds the oil giant responsible for paying a whopping sum (much needed) to continue to clean up properly from the huge unspeakable oil spill in the Alaskan water almost two decades ago. 18 years ago in 1989, the Exxon Valdez spilled a massive amount of oil stored in it hull after a drunk pilot ran around.

If you are a debt free reader that has not heard this story – you were under a rock for quite some time.

The ruling that took place in December stated that the company was responsible for paying two and a half billion dollars in further efforts to clean the coastline as well as compensation for the livelihoods of thousands of fishermen out of work due to the massive unneeded oil spill that not only obliterated millions and millions of food fish, but it killed unsurpassed amounts of birds as well.

The debt issues this disaster created for the local fishing industry not to mention the jobs lost creating bad debt in the harmed area, was unmentionable.

In the many years the oil giant has been battling in court to settle its financial responsibilities regarding the most infamous oil spill on record is simply heartbreaking.

Many US consumers take fro granted where they get there seafood from. Because Alaska is so far away many feel disconnected from the issues that still surround the infamous oil spill.

Can you imaging having to wait 18 years to get some sort of repayment for your debt obligations and livelihood disappearance.

While the oil giant maintains a certain responsibility to clean up and has done so (for the most part) the fall out continues as to what the company owes in monetary compensation to the people who where financially impacted by this spill and the debt problems that still persist because of it.

This court filing, the latest delay in the oil company’s cache of filings, come as no real surprise, but it disappoints those involved tremendously.

Exxon maintains that it has complied enough and wishes to move on. The precedent that that disaster has created has made many changes in the way oil tankers are operated.

Since then, the wildlife reserves in Alaska have much better protection.

Our debt free reader should take at least this away from them when retiring for this article –if you are responsible – fess up.

Oh yeah - the court has no deadline to answer Exxon's request.

This is good debt free news. While this issue still has open wounds, our debt free article department is happy to know that there is a light at the end of the debt tunnel regarding this issue.

Again, we will continue to report pertinent debt free and debt consolidation news as well as any new reports on credit card debt we find. But on a global level, we cannot imagine the debt that was accrued by fishermen and others effected by this nasty spill that effected (and still does) so many people and animals.