The Supreme Court has sharply reduced the amount of money Exxon Mobil has to pay in punitive damages for the 1989 Exxon Valdez oil spill in Alaska. An Alaskan jury had initially ruled Exxon should pay $5 billion in punitive damages for the accident that spilled 11 million gallons of crude oil into the fishing waters of Prince William Sound. Punitive damages were cut in half in 2006. On Wednesday, the Supreme Court cut the amount of punitive damages again and ordered Exxon Mobil to pay just $500 million — one-tenth of the original jury’s ruling. We’ll have more on this story after headlines.