Here is a link to a recent article discussing the settlement:
I find it pretty amazing that Exxon was allowed to prolong compensation for such a long time, and pretty disturbing that US and Alaska governments permitted the delay. What does this say about the future? Suppose we were to have another oil spill, or worse a nuclear power accident? Would those affected have to wait 20 years for compensation? This type of red tape and government foot dragging is nothing new. Other environmental examples?
In more recent news, the bailout plan passed by the US Senate just hours ago contained some add-on provisions, including tax breaks for victims of Valdez. Perhaps this was some lawmakers way of making up for the delay and notable underfunding passed in early September.
Here is a quote from the USA Today article:
"The Senate also added a number of unrelated provisions to attract House votes, including a one-year fix to prevent the alternative minimum tax from hitting an estimated 24 million families with a tax increase. Other additions: about $15 billion in tax breaks for alternative energy over 10 years and two-year extensions of other tax breaks, which cost about $42 billion.
The non-partisan Congressional Budget Office estimates that the tax provisions would add $107 billion to projected budget deficits over 10 years. That could bring resistance from centrist and conservative Democrats who want the tax provisions to be paid for.
The bill also includes narrowly tailored tax breaks for film production, racetracks, Virgin Islands rum manufacturers and fishermen affected by the 1989 Exxon Valdez oil spill."
Alternative energy, fishing and rum... sounds like a winner to me.