How the BP Oil Spill Hurt Businesses

The BP oil spill in the Gulf of Mexico did an enormous amount of damage in the region. While the environmental damage has been huge most of the focus has been on the economic damage. Many businesses in the area have suffered badly as a result of the spill and many employees have lost their jobs. It will take years before the damage that was done can be repaired.

The industry that has suffered the worst because of the BP oil spill is the fishing industry. As soon as the spill occurred authorities opened up an emergency fishing season so that as much fish could be caught as possible before the spill spread out and made fishing impossible. This proved to be of very limited value because the spill spread much faster than anticipated. The result was that fishing had to be shut down for most of the Gulf region putting fishermen out of work.

The fisheries have reopened but the debate about how serious the impact of the spill was continues to rage. BP have produced studies that show that there are no long term effects for most fishermen except those that harvest oysters. The fishermen of the area however claim that their catch is way down and that they are catching a lot of dead fish. The result is that the economic impact of the fisheries industry is not fully known and likely won't be for years.

The other industry that has really suffered because of the spill is the petroleum industry. Because of fears of another disaster drilling for oil in the Gulf of Mexico has pretty much been shut down. The result is that a lot of companies that did nothing wrong and which operate their wells in a safe manner have been forced to shut down operation. This has cost them billions of dollars and resulted in most employees losing their jobs.

One last industry that has been affected by the spill is the tourism industry in the area. In the early days they actually benefited because of all the people moving into the area to help clean up the mess. Now that most of these people have left however business has dropped off dramatically. Most of the tourism in the area is related to the environment so it could take years before the visitors start to come back.

The economic impact of the BP oil spill has been huge and as a result business BP claims represent by far the largest aspect of the litigation that has been filed against the company. A settlement has been reached to help resolve some of those claims but many others will need to go to court. Given that it could take years to learn the full impact of the disaster it will be a long time before the claims are resolved.