How the Recent Oil Spill Has Effected Gulf Residents

On April 20, 2010, an explosion on an oilrig owned and operated by BP Exploration & Production caused one of the most devastating oil-spill disasters Americans have ever endured. Known as the Deepwater Horizon, the massive rig has been leaking an estimated 20,000 to 25,000 barrels of crude oil each day into the ocean waters of the Gulf of Mexico, according to the National Oceanic & Atmospheric Administration (NOAA).

Although BP and a number of federal and private organizations are working around the clock to contain and cleanup contaminated waters, the damage caused by this tragedy will have a number of serious, rippling effects that will continue to haunt the Gulf Coast states – as well as the national economy – for years to come. Currently, about 45,000 square miles of federal waters in this region have been closed due to the widespread contamination.

Initial Impact of the BP Oil Spill

In the immediate aftermath of the BP oil spill, 11 individuals went missing and are currently presumed dead. Seventeen more were injured, and the marine life in the surrounding areas has been devastated. Although BP is the primary owner of the damaged rig, four other major petroleum corporations (Halliburton, Transocean, Anadarko Petroleum and Cameron International) are also responsible for the upkeep and maintenance of Deepwater Horizon – and they may also be legally liable to compensate individuals who have suffered a physical, emotional or financial loss due to the massive destruction caused by the explosion on the Deepwater Horizon.

Residual Impact of the BP Oil Spill

As the Gulf oil spill continues to leak oil, its ruinous effects continue to insidiously damage the environment, as well as the maritime and tourism industries of the Gulf Coast states. Currently, the financial losses sustained as a result of this disaster include the loss of about:

$2.5 billion from the fishing and shrimping industry
$3 billion from the tourism industry along Florida's Paradise Coast
$10 million each day from BP due to their efforts to contain and clean the oil spill

Interestingly, Cameron International – the company responsible for making the equipment that prevents explosions and oil spills – has contractually limited their liability in this incident. While they have lost approximately $1.8 billion thus far due to the oil spill, they note (in their contract with BP) that “most manufacturers are not responsible for consequential damages.”

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If you or a loved one has sustained any loss or damages due to the BP oil spill, contact our oil spill lawyers to learn more about your legal rights. We are providing complimentary case evaluations for those who believe they may have been affected.

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How the Recent Oil Spill Has Effected Gulf Residents

Initial Impact of the BP Oil Spill

Residual Impact of the BP Oil Spill

Schedule Your FREE Consultation

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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