Wall Street PR

Exxon Mobil Corporation (NYSE:XOM) to face penalty

Boston, MA 04/09/2013 (wallstreetpr) – The state lawyer stated in a jury which is about to set to begin deliberation that the Exxon Mobil Corporation (NYSE:XOM) (current: $88.60, down by 0.46%) must pay New Hampshire about 236 million dollars for the damages it caused by contaminating the drinking water of the place with the gasoline additive MTBE. The oil company already knew that the MTBE was too much hazardous and would 100 percent pollute the ground water. However by knowing this it approved its use for the economic reasons. It was being told by the lawyers for the New Hampshire during the closing remarks the day before in the Concord. A lawyer for the state Jessica Grant said to the jury that “Exxon disregarded the recommendations of the very people they tasked with studying MTBE”. She even said that “They had red flags going up left and right and they never reconsidered using MTBE”.

The last defendant in the state’s about 816 million dollars lawsuit over the additive, Exxon Mobil said that it was complying with the federal mandate to reduce the pollution of the air when it added the methyl tertiary butyl ether or the MTBE to the gasoline and even said that the chemical had not harmed anyone in the particular state. The company even argued over the fact that the state was fully aware of the risks of this chemical when they all came under the federal program which was designed so as to control the air pollution by using this chemical in the gasoline.

A lawyer for Irving which is a Texas based Exxon Mobil Corporation (NYSE:XOM), James Quinn said that “They’re looking for a lot of money, and most importantly they’re looking for a scapegoat”. He even said in his closing statement in the day before that “There’s nothing strange or nefarious or secretive about it. Everybody was involved in these decisions”. Mr. Grant Later responded to the above comment by saying that “Exxon Mobil is not a scapegoat. This is a case about Exxon’s deliberate choices.” He even said that this choice was made for some economic reasons and just not to make the company a space Goat.

Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.