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APPLICATION OF CVM TO THE LOS ANGELES HARBOR SPILL

APPLICATION OF CVM TO THE LOS ANGELES HARBOR SPILL

On 8 January 1991, 12,000 gallons of oil were spilled into the Los Angeles harbor (Stolberg, 1992, p. B8). Although the spill was relatively small compared to similar event in recent years, the busiest sea port in the United States was shut down for one day as a consequence. In addition to halting commercial port activities, the oil spill damaged "four oceangoing vessels, hundreds of pleasure boats, more than a dozen barges and commercial boats and as many as 200 sea birds had been tarred with thick, sticky fuel" (p. B8).

The cleanup cost $18 million, and resulted in the initiation of both criminal and civil legal actions against Pan Ocean Shipping Co., the Korean owner of the vessel from which the oil spilled, and Panobulk America, Inc., the Long Beach company representing Pan Ocean Shipping in the United States (Stolberg, p. B8). Subsequently, other parties were named as defendants in the legal actions related to the event (Cone, 1993, pp. A3, A29).

The United States Department of the Interior requires the use of economic surveys as a means of assessing the non-use values of environmental damage from oil spills and other sources (Dibona, 1992, pp. 50-54). The results of such surveys are used in the application of the contingency valuation method (CVM) to develop suggested liability levels for parties responsible for environmental damage (Brookshire & McKee, 1994, pp. 51-72). A CVM survey was conducted in relation to the Los Angeles harbor oil spill. The defendants in the case, however, have not accepted governmental estimates of the level of overall compensation required, and the defendants in the case have not agreed among themselves how any compensation payments should be divided among them. The result is that nothing has been settled.

This research examines the issues involved in the application of the CVM survey approach to the process of determining total an...

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APPLICATION OF CVM TO THE LOS ANGELES HARBOR SPILL. (1969, December 31). In LotsofEssays.com. Retrieved 10:33, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1687057.html