Exxon's profits are not big enough

File this under ironic.

At he very time we are all struggling trying out how to pay for gas, The Supreme court just cut Exxon's damages from the Valdez spill one tenth of what the jury decided.

Justice David Souter wrote for the court that punitive damages may not exceed what the company already paid to compensate victims for economic losses, about $500 million compensation. The Exxon Valdez case involves reckless action that was "profitless" for the company and that has already resulted in substantial recovery for substantial injury, Souter wrote. A penalty should be "reasonably predictable" in its severity, he added.
Exxon asked the high court to reject the punitive damages judgment, saying it already has spent $3.4 billion in response to the accident that fouled 1,200 miles of Alaska coastline. A jury decided Exxon should pay $5 billion in punitive damages.
A federal appeals court cut that verdict in half in 1994. This come at the same time Exxon has generated the largest profits of any company in history. The punitive damage award is extremely large, but in fairness, it is less than half of the last quarters profit.

First-quarter profits at Exxon Mobil Corp. were $10.9 billion. The company's 2007 profit was $40.6 billion.

I'm glad to see our government is still handing out favors for big oil.