The Valdez Oil Spill, Environmental Impact and Corporate Liability

Abstract

Despite the 21st century being more educated, richer, healthier, peaceful and better connected than the previous centuries, a negligent happening of the past - Exxon Valdez oil-spill of 1989 still looms, hovers and monitors our actions today. Though it is not the largest oil spill recorded, the impact on the Alaskan shoreline makes it one of the lowest points in history for it was an accident that grew out of sheer dereliction. The loss of biodiversity and commercial activities in the region hit by the spill had a butterfly effect on the economy of the country. Ever since the occurrence of this accident, a lot more care has been given to the degree of risk concerned with the transportation of oil through laws and regulations to abide by at the sea. Sound statutes are one of the many reasons why Prince William Sound has not witnessed a major oil leakings since the Valdez accident. In light of the climate crisis and the UN Sustainable Goals of 2030, this article aims to explore the Exxon Valdez accident, corporate liabilities and the importance of stringent laws to understand environmental damages and compensations.