Financial Effects of Oil Spills on Humans

While the massive oil spill that occurred April 20, 2010 aboard the rig known as the Deepwater Horizon (owned by BP Exploration & Production) initially caused the death of 11 individuals, to date, it has also resulted in a number of other devastating environmental and economic repercussions that will likely take years to overcome.

From the death of fish, marine mammals and other marine life to the significant financial blow dealt to the maritime industry, this recent oil spill in the Gulf of New Mexico is one of the worst oil disasters this region has seen in decades. In fact, it is expected to become the worst oil spill in U.S. History by surpassing the extreme damage caused by the Exxon Valdez oil spill that took place in Prince William Sound, AK in 1989.

In the immediate aftermath of the explosion and the ensuing oil spill, authorities announced that the rig was leaking approximately 1,000 barrels of crude oil each day. However, the Minerals Management Service (MMS, part of the U.S. Interior Department), the National Oceanic & Atmospheric Administration (NOAA), and other federal authorities are now stating that the rig is likely leaking more than 20,000 barrels of oil on a daily basis. Although many agencies are working together to contain and stop the oil spill, currently about 46,000 square miles of federal oceans waters are closed due to their oil-related toxicity.

Effects of Oil Spills on the Economy

While waste management companies are seeing large profits as a result of the emergency need for cleaning oil-contaminated waters, the fishing and shrimping industry, the tourism industry and the petroleum industry itself are all suffering heavily and are expected to take an extreme financial loss as a result of the ever-spreading oil slick. The NOAA estimates that the fishing industry can expect to be hit with a loss totaling $2.5 billion and that tourism along the “Paradise Coast” in Florida will lose about $3 billion in revenues.

BP announced that the spill is costing them $10 million daily and that, as of May 10 2010, the cost of the spill exceeded $450 million. Other corporations linked to the spill – and, therefore, legally liable for the damages it has caused – include:

Anadarko Petroleum
Cameron International
Halliburton
Transocean

Discuss Your Losses with an Oil Spill Liability Attorney

If you are one of the many who have been financially impacted by the catastrophic oil spill off the Gulf coast, you may be entitled to seek a financial recovery. For more information about your rights, contact an experienced oil spill liability lawyer today. We are providing free case evaluations to anyone who believes they may have a case.

BP Oil Spill Breaking News

"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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Financial Effects of Oil Spills on Humans

Effects of Oil Spills on the Economy

Discuss Your Losses with an Oil Spill Liability Attorney

BP Oil Spill Breaking News

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

"Panel hears testimony on BP oil spill"

"Gulf oil spill could be contained soon"

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