Bp Oil Spill Economic Effect

BP Oil Spill Economic Effect

The BP oil spill disaster has had a devastating effect on our entire nation. These losses are not only limited to the loss of income to the Gulf region residents who rely solely on the fishing revenue, but also the income loss to Gulf region vacation spots. Also the environmental inhabitants are devastated because they are helpless without the animal lovers who are trying to save the fish and birds from this oil spill. As a result of the half on oil drilling in the Gulf region, other oil companies and their employee’s are losing millions every day. Statistics indicate the fishing industry contributed to over $1 billion in the Gulf area along with $13 billion in tourism and $11 billion in oil. This region accounts for about a fifth of the nation’s oyster production and 75 percent of the domestic shrimp output attributed to fishing in the Gulf area along with $13 billion in tourism and $11 billion in oil. This region accounts for about a fifth of the nation’s oyster production and 75 percent of the domestic shrimp output. Tourism is the main factor, though.

BP Ethical effects

Unfortunately BP has a number of legal, ethical and environmental situations to deal with. For many years, BP has been faced with a very long history of legal and ethical violations that environmental and safety critics, judges and members of Congress have indicated the London-based company has a reputation for putting large profits ahead of employee and environmental safety. However on a positive note, they have pledged to spend over $20 Billion dollars over the next three years to lead the Gulf of Mexico clean up. They have also promised their shareholders, Gulf residents, and customers that they will do whatever’s necessary to help them recover from the losses of the past few months.

BP