Walter B. Parker Act, which was signed into law in 1980 by U.S. President Jimmy Carter. On March 24, 1989, the Exxon Valdez oil tanker struck Bligh Reef in Prince William Sound, spilling an estimated 260,000 to 750,000 barrels of crude oil. The Exxon Valdez oil spill was a major environmental disaster for the state. Governor Steve Cowper, who held office at the time of the spill, appointed Walter Parker as the chairman of the Alaska Oil Spill Commission in 1989. The Alaska Oil Spill Commission was created by the Alaska state government to investigate the causes of the Exxon Valdez oil spill.
Oil tanker oil tankers has ranged from 26.9 to 31.5 years. In 2005, the price for new oil tankers in the , , and ranges were US$43 million, $58 million, and $120 million respectively. In 1985 these vessels would have cost $18 million, $22 million, and $47 million respectively. Oil tankers are often sold second-hand. In 2005, worth of oil tankers were sold used. Some representative prices for that year include $42.5M for a tanker, $60.7 million for a , $73 million for a , and $116 million for tanker. For a concrete example, in 2006, Bonheur subsidiary First Olsen paid US$76.5