On March 24, 1989, the Exxon Valdez oil tanker ran aground i…
On March 24, 1989, the Exxon Valdez oil tanker ran aground in the Prince William Sound off Alaska, spilling an estimated 232,000 barrels of oil. The full effects of the incident are not really known, but it is known that only 25 percent of the migratory salmon populations returned to the area the following season, thousands of otters were poisoned, and thousands of birds died. The scale of the incident prompted the development of the Valdez Principles, which are slowly being adopted by the industry. It also highlighted just how expensive a major oil spill can be. Had Exxon not been required to pay for the cost of cleanup, which market weakness would have been manifested?