In a continuation of what's turning out to be a big fraud, Ecuador's pushing a lawsuit against Chevron that is $16 billion. That's right, $16 Billion. The Minority Report's Steven Foley explains:
Ecuadorean indigenous groups have filed one of the largest environmental class action suits in history against an oil company to the tune of $16 billion and if successful could set a dangerous president.
Ripping off the facade and digging under the surface of what at first glance looks to be nothing more than deserved retribution by indigenous groups who've suffered at the hands of Evil Big Oil one begins to see more clearly the forces behind this fraud are non other than Ecuador's own state run oil company Petroecuador, Ecuador's President Rafael Correa, and the powers-that-be who are working feverishly to re-identify and usher in a new socialist South America.
You see, the fact is, Chevron, through its Texaco subsidiary (which Chevron aquired in 2001) , operated an oilfield joint venture with Petroecuador as a minority partner between 1964 and 1992.
From 2002 to 2007, Petroecuador was responsible for more than 1,000 oil spills, of which 168 took place last year alone. In fact, Petroecuador (through its oil and gas exploration and production subsidiary Petroproducción) accounted for 90 percent of all oil spills in Ecuador last year, according to official government data quoted by local newspaper El Universo. The remaining 10 percent were contaminated by six different private companies. In other words, Petroecuador is clearly a major and serial contaminator.
You can read more here: Steven Foley.
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