Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

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.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos