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Quick Hits: For Chevron, Environmental Destruction May Come At Cost


Brief scrutiny of today's headlines

Chevron (CVX) could face massive fines stemming from environmental and community destruction in rural Ecuador.

The oil company, which claims it resolved the situation during the 90s, is accused of contaminating rivers crucial to the survival of the country's indigenous population.

Chevron contends the case has become politicized, saying the findings of independent environmental expert Richard Cabrera are erroneous. Cabrera told a court Chevron should pay between $7 and 16 billion. The company calls the lawsuit "extortion."

We noted earlier
that outrage over Big Oil profits ignores the more significant issue of environmental neglect by companies engaged in oil exploration. Ecuador is just one of many countries promised economic development and community support for allowing oil companies to drill in its backyard, only to receive little material benefit.
No positions in stocks mentioned.

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