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
Exxon Valdez steel were removed and replaced that July, totaling US$30 million of repairs to the tanker. Its single-hull design remained unaltered. The Exxon Valdez spill occurred under President George H. W. Bush, whose EPA Administrator William K. Reilly played a significant role in mobilizing presidential support for action to contain and clean up the spill. Litigation was filed on behalf of 38,000 litigants. In 1994, a jury awarded plaintiffs US $287 million in compensatory damages and US $5 billion in punitive damages. Exxon appealed and the Ninth Circuit Court reduced the punitive damages to US $2.5 billion. Exxon then appealed the