In 1967 a major oil field was discovered at Prudhoe Bay in the north of Alaska. Production began in 1977 and by the late 1980s output from this and other Alaskan fields accounted for a quarter of total US production.
To transport the oil from the far north, the trans-Alaska pipeline was built, running 800 miles from Prudhoe Bay to the town of Valdez, the nearest ice-free port. At Valdez, oil was loaded into tanker ships to be transported further south.
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The result was one of the worst environmental disasters in maritime history. Large numbers of fish and birds died, with devastating knock-on effects on the Alaskan fishing industry. The US government took action against Exxon for breaching laws against pollution and to recover clean-up costs. On 13 March 1991, Exxon agreed to pay up to $1bn to regulators and the state of Alaska.
This wasn't the end of Exxon's liability. In 2008, it was ordered to pay civil compensation and $507.5m in damages to Alaskan fisherman and fishing firms (reduced from an initial award of $5bn). Delayed interest payments effectively doubled this bill. Experts estimate that the overall costs to the energy giant, including emergency payments and money the company spent on its own clean-up efforts, totalled $3.8bn.
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Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
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Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
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31 August 1957: the Federation of Malaya declares independence from the UKFeatures On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
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13 April 1960: the first satellite navigation system is launchedFeatures On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
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9 April 1838: National Gallery opens in Trafalgar SquareFeatures On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
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3 March 1962: British Antarctic Territory is createdFeatures On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
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10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
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9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
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8 March 1817: the New York Stock Exchange is formedFeatures On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
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7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
