How Will the British Petroleum (BP) Oil Disaster Affect the Economy of the Gulf Coast States?
Still reeling from the effects of Hurricane Katrina and the aftermath, some five years later, this fragile economy is facing yet another economic disaster. As a resident of the Gulf Shore Region, and Louisiana in particular, this deeply concerns me and the citizens affected.
The disaster is estimated to exceed $1 billion dollars of damage to such industries as Louisiana's oyster and shrimp industries. Louisiana's Gulf Shore and Marshland is home to some of the most productive seafood farms in the United States and around the world. Oyster farms may be the hardest hit as oysters are especially sensitive to oil pollution. Oysters are filter feeders and very likely to ingest the oil particles and chemicals in the gulf waters. The economic realities of lost seafood harvests may find many of these operations closing and their owners looking for a new line of work.
Tourism will soon be coming to a screeching halt. The summer vacation season will find fewer and fewer tourists lining the oil-soaked Gulf Shore beaches. Many beaches will in fact be closed. A report from the Palm Beach Post News reports Florida could lose as many as 39,000 jobs, costing the state an approximated $2.2 billion. Hotels are reporting reservations for June, July, and August to be dismally below normal.
Let us place a moratorium on the blame game. It was a tragic event and my heart goes out to the families of the eleven workers killed in the accident. No one and no amount of money can ever replace their losses. I believe it is now time to focus on cleaning this mess up and getting some economic help for these devastated Gulf Coast business owners.
Sources:
http://www.greenpeace.org/raw/content/usa/press-center/reports4/oil-spill-economic-impacts.pdf
http://www.inman.com/news/2010/06/9/the-real-estate-impact-gulf-oil-disaster
Published by Janet Hunt - Featured Contributor in Business & Finance
Janet Hunt is a freelance writing professional specializing in business and finance. She has published articles for such online publication sites as Demand Studios, Associated Content, and various other onli... View profile
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28 Comments
Post a CommentIt's tragic. :(
Let's pray it never happens again. Prayers for the families as well.
Let's pray it never happens again. Prayers for the families as well.
We can only hope this gets fixed as soon as possible and the impact on the gulf and the economy will be mitigated. Great job Janet.
Its so frustrating and heartbreaking.....shame on BP.
Prayers to the Gulf Coast. Will RT this.
i wish someone in that WH will listen Jindal!
Although I have already commented on this, I heard on CNN that a new hurricane may be potentially forming in the Atlantic. Yet, more concern for the Gulf Coast Region. Good reporting again Janet.
great job on this article, Janet!
Thanks, Janet!