BP Oil Spill: Louisiana Property & Income Damage

The massive oil spill off the Gulf of Mexico has reached catastrophic proportions, and is believed to be a contender for the world’s largest, most devastating oil spill in U.S. history. Second to the Exxon Valdez oil spill of 1989, which released 11 million gallons of oil into Prince William Sound, the Deepwater Horizon spill has the potential to cause even more devastation, as the leak is currently losing thousands of barrels of oil a day.

In the first days following the explosion, experts estimated that the rig was leaking 5,000 barrels of oil per day. Now, experts are saying it may be leaking some 25,000 barrels a day, which would mean it may have already leaked up to 9 million gallons since the explosion on April 20. With an estimated cleanup time of three months, the amount of oil that could be released into the ocean is mind-boggling.

So far, attempts to cleanup the oil spill have been unsuccessful. Attempts include:

Controlled burning
Dispersal
Plugging the leak

Louisiana BP Oil Spill, 2010

Some are referring to the massive oil spill off the Gulf of Mexico as the BP oil spill of 2010, because at the time of the explosion, the offshore drilling rig, known as Deepwater Horizon, was operating under the instruction of British Petroleum (BP).

Property & Income Damage in Louisiana

As more oil leaks into the gulf, the losses continue to mount. Some say the total economic loss could reach the millions. In Louisiana, alone, the economic loss is devastating. Some of the cities in Louisiana that depend on the fishing, shrimping, oyster farming, tourism and other maritime industries include:

New Orleans
Cameron
Bell Chesse
Lake Charles
Morgan City
Venice
Houma
Grand Isle
Lafayette
New Iberia

The economies of these cities and others depend heavily on the natural resources found in the gulf as well as tourism. The oil spill has thrown a wrench into the livelihoods of many Louisiana residents who work in the industries that have been shut down due to the oil spill. Among those who may be suffering from severe income loss include:

Fishermen
Shrimpers
Oyster farmers
Seafood restaurant owners
Real estate brokers
Landowners
Hotel owners/operators
Sport fishermen
Gulf Port operators

According to the Louisiana Department of Wildlife and Fisheries, Louisiana supplies the continental states with approximately 25 percent of all its seafood. As the contamination spreads, more fishing grounds are closing and more fishermen are being forced to stop working; the income loss is devastating.

Lawsuits Seek Financial Relief

Lawsuits have already been filed on behalf of people who have been impacted by the BP Deepwater Horizon oil spill. Plaintiffs seek financial relief from BP, Transocean (the company that owns the Deepwater Horizon) and other companies connected to the oil leak. For more information, or if you would like to speak with an experienced Gulf oil spil lawyer about your losses, please contact us today.

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...

» Read More

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BP Oil Spill: Louisiana Property & Income Damage

Louisiana BP Oil Spill, 2010

Property & Income Damage in Louisiana

Lawsuits Seek Financial Relief

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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