Abstract

Last week, signs intensified that Alaska's massive oil spill is a watershed event, rocking the oil industry in the way that the explosion of space shuttle Challenger shook the U.S. space program. Three weeks ago, on March 24, the supertanker Exxon Valdez ran aground in Prince William Sound, spilling an estimated 11 million gal of North Slope crude oil, the largest oil spill in U.S. history. Since then, the media have conveyed, day after day, indelible images of an environmental disaster, detailing the spill's toll on pristine waters and shores, marine wildlife and fisheries, and the livelihood of regional residents. Just as with the Challenger disaster, public doubts are spreading about the competence arid credibility of involved government agencies and industry, and calls are rising for new policies and practices. Last Tuesday's Congressional Record, for example, published eight pages of speeches by House members attacking Exxon's unnecessary and extraordinary negligence, its botched cleanup operatio...

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