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Stabroek News

Crude profits
published: Sunday | April 6, 2008

A court-appointed expert suggested last week that Chevron Corp should pay up to US$16 billion (euro10.2 billion) for allegedly polluting the Ecuadorean Amazon - big bucks.

But oil companies are known for big profits. Chevron's was US$18 billion, net, last year.

The San Ramon, California-based company is being sued by 30,000 jungle settlers and Indians in a class-action over all the toxic wastewater left in the jungle.

The multibillion-dollar damage total was added up by geological engineer Richard Cabrera.

The court confirmed to The Associated Press on Wednesday that he turned in his report, which has not yet been approved by a judge.

Plaintiffs lawyer Pablo Fajardo says Cabrera recommends Chevron pay at least US$8 billion (euro5.1 billion) in damages, and possibly another US$8 billion (euro5.1 billion) representing company savings by operating recklessly.

The demand for oil appears insatiable. As a result, world oil prices keep climbing - they have peaked already this year at US$112 per barrel - as do oil profits.

Here is how the big companies stack up:

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