Evaluation

Economical:

  • The US Government ordered BP to pay a fine of $20 billion, in compensation for the Oil Spill.
    • This caused massive decrease in BP’s market value, as a result of having to withdraw this money from their capital market value.
  • BP subsequently paid an extra 7.5 billion Dollars, of which the majority went to the NFWF (National Fish & Wildlife Association), who are in charge of protecting birds and fish from further damage from the leaked Crude Oil.
  • BP is in the final stages of a lawsuit that could cash in up to $14 billion, as extra compensation for the pollution of the Gulf.
  • Huge $1 billion industry of fishing in Louisiana ruined because of extremely decreased fish populations.
  • Financial Burden was placed on locals who relied on exporting goods in area, as well as tourism.

Social:

  • As a result of the explosion, 11 people were killed, and 17 were severely wounded.
  • Around 8,000-12,000 people were left unemployed.
  • Reduced tourism near the shores of affected states drastically.
  • People dependant to the fishing community were left with extremely lower catch rates as a result of reduced fish population.

Ecological:

  • Dispersed 4,900,000 barrels of crude oil into the Gulf of Mexico.
    • Parts of this oil has washed up onto the shores of Louisiana, Alabama, and Texas.
    • Some of the oil has sunk 5000 feet below the surface of the water.
      • This sunken oil could take several decades to decompose.
  • The oil spill affected Gulf Wildlife beyond measure. Wildlife still struggles to recover from this incident.
    • The rate of death for certain water-living animals, such as the bottlenose dolphins & sea turtles, have not slowed.
    • Decreased numbers for all marine animals, such as fish, shrimp, and oyster.
    • Around 500 dead sea turtles wash up on the shores every year, and this number has not decreased.
    • Marine Mammals, such as dolphins, have developed diseases, such as decreased lung capacity.

Political:

  • President Barack Obama placed a stop on the Expansion of the US Oil Drilling Expansion plan, which prevents the US from exploring new Crude reservoirs for extra oil.
  • Former California Governor Arnold Schwarzenegger halted all offshore oil drilling plans in California.
  • The Oil Spill raised support for a “Clean Energy Legislature”, which was awaiting approval from Senate.
    • Some political commentators believe that Obama has likely used to gulf spill, to motivate support for a mainly Democratic-backed bill that calls for Cleaner Energy in America, and limits the usage of Fossil Fuels, and other polluting energy sources.

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