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Natural Resources Restoration: Use of Exxon Valdez Oil Spill Settlement Funds

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Report Type Reports and Testimonies
Report Date Aug. 20, 1993
Report No. RCED-93-206BR
Subject
Summary:

Under the civil settlement stemming from the 1989 grounding of the supertanker Exxon Valdez--the largest oil spill in U.S. history--Exxon agreed to pay a total of $900 million in 11 annual payments. Under the criminal settlement, Exxon was fined $150 million and required to pay $50 million each to the federal government and the state of Alaska to help restore areas damaged by the spill. This briefing report provides information on the amount and distribution of money that Exxon has paid through December 1992 under the settlements. GAO also discusses issues surrounding the functioning of the Trustee Council, which was created to coordinate damage assessments and to seek funds from responsible parties to clean up natural resources. GAO concludes that Alaska and federal trustees managing the oil spill settlement funds will have to address several issues before there can be confidence that the money is being spent for natural resources restoration and other intended purposes.

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