Oil company subsidiaries
samedi 20 mai 2023 à 09:47Oil companies generally set up a subsidiary to do oil drilling in each area or country, and make the subsidiary alone liable for the cost of oil spills, so that the main corporation's liability is limited by the total wealth of the subsidiary. This way, the victims of a spill won't be compensated for the damage the spill does to them.
However, Guiana, on the eastern part of South America's north coast, refuses to let them do this any more.
Will this make Exxon work harder to avoid a spill? I think people tend to be biased towards belief that disaster won't happen. If a regional disaster does happen, the countries and people affected could end up owning Exxon.
If so, would they handle drilling in a safer way, or would the vision of riches corrupt them as it corrupted the current owners of Exxon?