The Economic Impact of the BP Oil Spill. endobj It cost BP $4 billion to contain and clean up the mess and another $4 billion to $5 billion in penalties. List of Partners (vendors). [״���es�����1���70�{q(q $o�;tOr��k� ��������]�� ���H��Y����!1����裱J���b�?�ǍkIS_�2Dc;�b�����H�0viw��s�TJ�a�H�8.�����E`z���A��]�:L \q�G�_H�֍� Dٴcl(2��!\�aV�=���X�p���Wu��Ųsٺ@��$�r���E@�iU�h�x��i8&���BHm����HyD�8 =>��� Analysis Of The BP Oil Spill. Apply market research to generate audience insights. relatively unchanged, and the risk of a major spill is still a very real possibility. The worst marine petroleum disaster in U.S. history, the 2010 Deepwater Horizon oil spill — or BP oil spill, as it’s most commonly called — marred beaches, estuaries and marshes along 1,000-plus miles of coastline, caused immeasurable harm to sea and shore wildlife, and hurt the fishing and tourism industries in coastal communities across Northwest Florida. When an oil spill occurs, not only are tourist destinations directly affected in areas where the spill has flooded land, washed up on beaches, or permeated the air with a strong odour, but the tourism industry also faces serious reputational impacts. “Dolphins Suffering from Lung Disease Due to Gulf Oil Spill.” Accessed July 1, 2020. Economic Effects of The BP Oil Spill The BP oil spill will go down in history as one of the greatest human caused disasters of our time. In April of 2010, a British Petroleum operated oil drilling rig off the Gulf of Mexico, the Deepwater Horizon, exploded suddenly after high pressure methane gas from the oil well rose to the drilling rig, causing it to ignite and then sink to the bottom of the ocean floor. Coastal communities tend to attract tourists that want to take waterfront vacations. Until then, BP attempted to capture the leaking oil. The BP oil spill was the largest spill in history. <> 145,000 businesses and close to 1 million employees STATE-WISE IMPACT (Business Closed) ON TOP INDUSTRIES Courtesy: D&B, oil spill – Impact analysis 6. The True Costs of the Exxon Valdez Oil Spill, 12 Ways the Commerce Department Affects Your Ability to Make a Living, How Living Organisms Are Used to Clean Our Environment, How Hurricane Gustav Affected the U.S. Economy, How Hurricane Ike Impacted the U.S. Economy, Why the Government Hides Millions of Barrels of Oil in Salt Caverns, Why Floods Are a More Dangerous Threat Than Terrorism. It killed vegetation and caused erosion. To replace lost foraging habitat for ducks and other migratory birds, 79,000 acres of harvested and idle rice fields have been intentionally flooded. Why Was Hurricane Katrina so Damaging to New Orleans, and the World? She is the President of the economic website World Money Watch. On January 16, 2018, BP PLC announced it would take a $1.7 billion charge for expenses related to the 2010 Deepwater Horizon oil spill. Create a personalised content profile. In 2011, half of the area's bottlenose dolphins were sickened by lung disease. An NOAA study reported this type of disease is caused by "toxic exposure to oil." The explosion left 11 workers dead and 17 injured, in addition to triggering a leak in an oil well that is 5,000 feet below water. BP spent $6 billion to hire 4,000 people to clean up the spill that year. Here are the details. “BP’s Deepwater Horizon Costs Total $62B.” Accessed July 1, 2020. <>/XObject<>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 28 0 R 31 0 R 32 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S>> The oil from the spill can damage ships and spread the spill even further; in many cases, ships are ordered to bypass areas affected by spills. [^2�p�,�CV�H_p����x����m�0U�ĺi��i�]֩b�T�ј R%�Ug�:�?��oml7��C$�>��*E,�=�2>��\�W7�{�����i޾��h*ލ!�ČAs3}7����FX����Io:eS:M��rP�B���ڷQ1�H�\���ݱ���n��b��6���e�#T{�#�)���Qh&C���>���[�[V-[oVH�����_����f\���$�3�#�����W���F*��"YXe|�!a��'�Q�2���v Satellite images showed the oil slick covering 68,000 square miles and impacting the shoreline from Gulfport, Mississippi to Pensacola, Florida. At the time, the National Oceanic and Atmospheric Administration forecast that there was a 60% chance the slick would reach the Florida Keys. The report of the oil spill negatively impacted on tourism perception in the region leading to decline in tourists turn affecting the areas where the spill had not affected (Hagerty 32). Add the worst oil disaster in U.S. history to a hurricane season almost as bad as the one that spawned Hurricane Katrina and you get "Oilzilla". Measure ad performance. How Did President Trump's First 100 Days Impact the Economy? The spill had a strong economic impact to BP and also the Gulf Coast's economy sectors such as offshore drilling, fishing and tourism. Develop and improve products. “BP/Gulf Oil Spill – 68,000 Square Miles of Direct Impact.” Accessed July 1, 2020. On April 20, 2010, an explosion rocked the $600 million rig. Tourism Over $22 billion lost revenue from coastal tourism in the long-term Louisiana, had an increase in business visitor spending, due to increase in media presence and government travel It expects cash payments of $3 billion for the year. Almost 10 million pounds of oily residue was removed from Louisiana shorelines between June 2011 and April 7, 2013. Deepwater Horizon oil spill, also called Gulf of Mexico oil spill, largest marine oil spill in history, caused by an April 20, 2010, explosion on the Deepwater Horizon oil rig—located in the Gulf of Mexico, approximately 41 miles (66 km) off the coast of Louisiana —and its subsequent sinking on April 22. Oil and hurricanes don't mix, whether shaken well or stirred. Two days later the NOAA declared 19% of the Gulf to be a "no-fishing zone." PAH was found up to 8 miles from the wreckage site and was later found to be causing cardiac arrest in fish. <> The BP oil spill began when the Deepwater Horizon rig suffered an explosion on April 20, 2010. Oceana recently released a fact sheet detailing the economic impacts to tourism after the 2010 BP Deepwater Horizon oil Disaster in the Gulf of Mexico. The next day, thick oil started blanketing the Louisiana wetlands. endobj the BP Oil Spill Tourists Tourist-driven businesses Tourist-driven communities Fisherman Environment Oil Industry Media Government Environmental Activists Oil Spill Clean-Up Workers . Economic Impacts The oil spill did not only effect the health of individuals in the Gulf, it also effected their businesses. USA Today. But it should. Oil Drilling Regulations British Petroleum(BP) had a massive oil spill on April 20, 2010. Measure content performance. It had 700,000 gallons of fuel oil stored for operations. The oil disaster affected the cellular function of the killifish, a common baitfish at the base of the food chain. endobj Store and/or access information on a device. The oil slick already covered a 5,000-square-mile area. CNBC. Select personalised ads. Skytruth. At the very least, Oilzilla could have finished off BP PLC, the biggest oil and gas producer in the United States. x��\[s�6�~W����f�$���:�*�^+��T���9�y��aL��$G���ow���`��z��4�t�F�������ի��q��/�8�_δb�N����W!���/�>.�����__\�o?$�yq��W*�Q�@�$f2"͢H)[�(�~ڴY��U����$�`\i����0�,�a Estimates of lost tourism dollars were projected to cost the Gulf coastal economy up to 22.7 billion through 2013. It's worth $96 billion. Tourism as one of the most economically important industries is also one of the most vulnerable to crises and disasters. 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