Energy: Exxon's $2 Billion Black Eye

Exxon's $2 Billion Black Eye

Exxon has always done things in a big way. The nation's largest industrial company is No. 1 in sales, assets and energy production. The oil giant last week added an embarrassing new superlative: the largest fine. A special three- judge federal court of appeals ruled unanimously that Exxon must pay the U.S. Treasury $2 billion for overpricing oil produced between 1975 and 1981 near Tyler, Texas. The ruling, which upholds a 1983 district court decision, represents what is thought to be the largest monetary judgment ever levied against a corporation.

The complex case stems from regulations imposed by the Nixon Administration...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!