The cost of spilling oil just got 80% cheaper

The Supreme Court has decided that the punitive damages in the Exxon Valdez oil spill were excessive:

The Supreme Court on Wednesday reduced a $2.5 billion punitive damages award against energy giant Exxon for its role in an infamous 1989 maritime oil spill off the coast of Alaska.

The high court concluded punitive damages should roughly match actual damages from the environmental disaster, which were about $507 million. Lower courts were asked to reassess the jury verdict, extending the years-long litigation in the case.