The economic impact of the bp

Oil production[ edit ] Sign showing gas prices in front of Sheetz in Mount Jackson, Virginiaon August 31,just as Hurricane Katrina began to make its mark on the price of gasoline. Prices had risen thirty cents since the previous day, and would rise an additional twenty cents before the day was over.

The economic impact of the bp

Approximately 40 percent of federal waters in the Gulf of Mexico were closed to fishing in the aftermath of the oil spill. Further, tourism is the largest non-governmental sector of the Gulf coast in Mississippi where significant portions of the 62 miles of beachfront were closed for months.

Negotiations were ongoing from August of to February of following class action suits filed against British Petroleum. The economic impact of the BP oil spill also encompassed the massive clean-up efforts along miles of shoreline as well as extensive environmental damages.

Class Action Suit Settlement This May, three separate class action suits were created in order to provide medical and financial compensation to all individuals and businesses who suffered economic or medical damages resulting from the BP oil spill.

The Economic and Property Damages Settlement program is meant to compensate individuals who suffered severe economic impact of the BP oil spill including the use of business or personal properties, loss of growth potential for businesses and a negative impact on profits.

Adverse Health Effects The Medical Benefit Settlement program will help all those who suffered adverse health effects as a result of the toxic chemicals blowing inland, much further than anyone expected.

Those who had previously suffered from asthma found their symptoms increased exponentially while others were stricken with upper respiratory infections, rashes and allergies, chronic coughs and headaches, nausea and dizziness.

The current medical expenses will be covered as well as twenty-one years of follow-up healthcare. Louisiana Settlement Program A third settlement program is specifically for Louisiana residents who suffered a financial impact as the result of the BP oil spill.

Both individuals and businesses are eligible to apply for this program which will offer crucial information as well as compensation for damages and injuries. Lives were lost in the Deepwater Horizon explosion then hundreds of aftershocks were experienced by humans, plants, animals and property long after the spill was reportedly cleaned up.

Fishing and shrimping businesses as well as the tourism industry were hit hard, with many businesses closing their doors for good. Getting Help Our regulatory system obviously failed in this instance, leaving innocent people hurting.

The economic impact of the bp

Our highly qualified attorneys are waiting to help those victims rebuild their lives and get the benefits they deserve from the BP settlement programs.

Whether you are seeking compensation as an individual or a business entity, our attorneys can ensure the process goes smoothly. We offer an evaluation of your particular case, so call to speak to a member of our legal team.

This entry was posted on Saturday, September 8th, at 7: You can follow any responses to this entry through the RSS 2. Both comments and pings are currently closed.02 BP’s impact on the UK economy 03 The UK is today the world’s fifth largest economy and a major global exporter of goods and services.

Wealth creation and international trade are critical to its success.

The U.S. Travel Association estimated that the economic impact of the oil spill on tourism across the Gulf Coast over a three-year period could exceed approximately $23 billion, in a region that supports over , travel industry .

BP is set to deliver six upstream major projects in Europe and Eurasia, North Africa and North America in , following on from seven successful start-ups in Thirteen offshore wind energy leases have been awarded to developers and BOEM is committed to working with our many stakeholders as we continue to lease the OCS for responsible renewable energy development activities.

Sensitive areas and biodiversity. We support the conservation of sensitive areas that house our planet’s rich natural and cultural heritage.. In circumstances where our activities occur in places that have cultural significance, are home to threatened or protected species, or have outstanding biological, geographical or social value, we take action to mitigate the potential impact of our work.

Its economic impact is far worse. The Gulf fishing and tourism industries produce $ billion to $ billion a year. It cost BP $4 billion to contain and clean up the mess and another $4 billion to $5 billion in penalties.

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