Bill Allen (businessman) Barbados as well. VECO also was a worldwide player in the oil industry, having divisions in many major oil markets, including the Sudan, Russia, Mexico, Venezuela and Syria. VECO had a major impact on the economy of Alaska and employed over 5,000 people worldwide. On March 24, 1989, the oil tanker Exxon Valdez ran aground on Bligh Reef, spilling eleven million gallons of crude oil into the waters of Prince William Sound. The Exxon Valdez oil spill was the second largest in United States history, after the BP Gulf of Mexico Deepwater Horizon spill. Under Allen's guidance, VECO (along with
Oil tanker has a capacity of over , a length overall of and a cargo capacity of . They were the first ULCCs to be double-hulled. To differentiate them from smaller ULCCs, these ships are sometimes given the "V-Plus" size designation. With the exception of the pipeline, the tanker is the most cost-effective way to move oil today. Worldwide, tankers carry some annually, and the cost of transportation by tanker amounts to only US$0.02 per gallon at the pump. In 1954 Shell Oil developed the average freight rate assessment (AFRA) system which classifies tankers of different sizes. To make it an independent