Texaco’s Costly Sinkhole
Texaco is an American oil brand of the Chevron Corporation responsible for its flagship product “Texaco with Techron.” Well one day, Texaco’s oil rig was drilling into the ground in Louisiana when the unthinkable happened. Without intending to, the drilling caused the salt pillars that held Lake Peigneur up to collapse.
As a result, a sinkhole formed and the lake went from 6-feet deep to 200-feet deep. This was a major environmental disaster and Texaco was obligated to spend $44.8 million for the unintentional mistake.