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The energy industry received a major blow in April 2010, when an offshore oil-drilling rig exploded, spewing oil into the waters of the Gulf of Mexico. The rig, owned by British Petroleum (BP), became the latest in a string of oil-related environmental disasters. BP, a global operating company, had been a leading exploration and production energy company specializing in petrochemicals, oil exploration and natural gas, as well as alternative fuel production.

BP Response to Oil Spill

Response to the BP oil spill was slower than expected, some say. It took time to cap the well and prevent it from emitting oil. As the days, weeks and months went by, the map of the Gulf spill area was broadcast on every television news program and the Internet. Because this is not the first major oil spill, many say there should have been better damage control.

BP Stocks Drop

Following the spill, BP stock values dropped to the lowest in the company’s stock price history, according to reports. It was revealed soon after the spill that Goldman Sachs sold their BP stocks prior to the spill. Goldman held a large share of BP.

Economic Damage Claims

Businesses that relied on the Gulf for their livelihoods, especially those in the fishing industry, have suffered economic damages because of the oil spill. Also, as the oil approached the shore, property and real estate companies began to complain of diminished property values from the oil. Tourist destinations along the coast reported lower returns on what should have been a busy tourist season as a result of the spill.

People that depend on the Gulf Coast for survival might feel financial loss for some time. The affected industries include:

• Commercial fishing
• Recreational fishing
• Boating
• Tourism
• Restaurants and hotels
• Shrimpers
• Oyster farmers
• Property owners

A BP Gulf Oil Spill Lawyer Might be able to Help

If you live on the Gulf Coast and have endured the economic effects of the BP Oil Spill, contact a qualified BP Oil Spill attorney for a free consultation. You may still be able to seek compensation for your losses.

"BP to establish $20 billion fund for Gulf cleanup and compensation"

The Obama administration and British Petroleum (BP) have furthered negotiations for a cleanup and compensation fund for the oil spill that devastated the Gulf of Mexico.

BP, taking full respons...

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"Panel hears testimony on BP oil spill"

During its third round of meetings, a federal panel working to determine the precise cause of the BP oil spill heard testimony focusing on human errors that ...

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"Gulf oil spill could be contained soon"

There hasn't been much positive news in regards to the Gulf oil spill, but that trend may be ending as the Coast Guard says the spilled oil will be contained wit...

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