Bp oil spill and economic effects

Oil spills can cause serious damage to fisheries and mariculture resources.

bp oil spill effects on company

A second explosion three days later sunk the rig. Survey information included descriptions of damaged beaches, marshes, animals, fish, and coral. Louisiana, Alabama and Mississippi also saw declines in blue crab landings duringthe report said, while west Florida and Texas saw increases.

deepwater horizon oil spill effects on humans

Jim Hutchinson, assistant secretary for the Louisiana Office of Tourism, called the occupancy numbers misleading, but not surprising.

Fisheries and Mariculture Fishing fleets can be affected by spilled oil, either as a result of contamination of vessels and year or by fishing bans.

social effects of oil spills

This was the twelfth and final reopening in federal waters since 22 July, and opened all the formerly closed areas in Federal waters. The Bay Area Tourist Development Council bought digital billboards showing recent photos from the gulf coast beaches as far north as Nashville, Tennessee and Atlanta.

Bp oil spill economic impact on fishing industry

The wide range of the loss estimates cited by the study result from two different model assumptions it used: The first, which it labeled "market dynamic," uses fisheries market prices as a baseline, but then adjusts the prices to actual price changes that occurred in But on April 24, the Coast Guard said that 42, gallons of oil a day was leaking from the rig at 5, feet below the surface. Louisiana also saw a 54 percent decline in oyster landings in , compared to , the report said. However, more long term and damaging economic impacts can occur when public perception of prolonged and wide-scale pollution remains long after the oil has gone. However, there are also many other business activities and sectors that can potentially suffer disruptions and loss of earnings. Texas increased its harvest of oysters in and sold them at higher prices than the previous year. Direct impacts can include contamination of the boats and gear used in catching or cultivating marine species. This is the first comprehensive appraisal of the financial value of the natural resources damaged by the million-gallon spill. For instance, the study found that in May , 65 percent less shrimp was landed in Louisiana than in the previous year. They were then told about a prevention program , which can be viewed as percent effective insurance against future spill damages, and that another spill would occur in the next 15 years.
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Economic effects of the Deepwater Horizon oil spill