How did the oil spill affect the economy?

Results indicate that the total economic impacts for the period 2010–2020 of foregone commercial fishing revenues and recreational fishing expenditures as a result of the Deepwater Horizon oil spill are a loss of over 25,000 jobs, $2.3 billion in industry output, $1.2 billion in total value added or gross regional …

How much did BP pay the families?

Settlements with families of workers killed in last year’s Deepwater Horizon oil-rig explosion are running at $8 million to $9 million so far, a range sharply inflated by companies’ interest in avoiding another possible wave of bad publicity from the accident.

How did the Gulf of Mexico oil spill affect the economy?

And while long-term damage estimates vary, a new study published in the Canadian Journal of Fisheries and Aquatic Sciences determined that over seven years, the oil spill could have a $8.7 billion impact on the economy of the Gulf of Mexico including losses in revenue, profit, wages, and close to 22,000 jobs.

What are the social impacts of oil?

People and Pollution: The Social Impacts Oil Spills Have at a Community Level. Originally published on March 19, 2019. Oil spills can damage the environment and the wildlife and marine life that depend on it. They can also cause physical, mental, and financial stress to people as individuals.

How do oil spills affect society?

Oil spills have major environmental and economic effects. Oil spills can also affect human health. People who clean up the spill are more at risk. Problems could include skin and eye irritation, neurologic and breathing problems, and stress.

Why are oil spills an issue?

Oil spills frequently kill marine mammals such as whales, dolphins, seals, and sea otters. Oil coats fur of otters and seals, leaving them vulnerable to hypothermia. Even when marine mammals escape the immediate effects, an oil spill can contaminate their food supply.

What were the social impacts of the Deepwater Horizon oil spill?

INCREASES IN STRESS AND ANXIETY It affected the mental health of some residents along the Gulf Coast. The impacts varied based on what kind of job a person had, how attached they were to the place they lived, and how many disasters they had lived through prior to the spill.

What is the effects of oil spill in the community?

Impacts to local economies and recreation: Oil spills can result in closures of beaches, parks, waterways, and recreational and commercial fisheries. There may also be restrictions on hunting and boating. As a result, local economies may be severely impacted, both in the short and long term.

Which is the worst oil spill in the world?

Very quickly the disaster became the worst oil spill in the history of the United States, far exceeding the Exxon Valdez tanker spill of 11 million gallons in 1989, and the second largest oil spill in the world, falling behind only the Ixtoc well offshore Mexico in 1979.

When did the price of oil go down?

Between mid-2014 and early 2016, the global economy faced one of the largest oil price declines in modern history. The 70 percent price drop during that period was one of the three biggest declines since World War II, and the longest lasting since the supply-driven collapse of 1986.

When is the 6 year anniversary of the Macondo oil spill?

As we note the 6th anniversary of the Macondo tragedy, let us not take away the wrong lesson by misinterpreting the past.

Where did the BP Deepwater Horizon oil spill happen?

Six years ago today, the BP Deepwater Horizon oil spill occurred in the U.S. Gulf of Mexico with devastating effects on the local environment and on public perception of offshore oil and gas drilling.