By: Elijah Bocz, Will Broome, Xavier Niblet, and Jamar Posey
Economic Ramifications Many of the fishing services that the Gulf provided were severely affected by the spill. The Menhaden fishery that provides 1/3 of the nation’s Menhaden was hurt. The Gulf provides for 70% of shrimp for the US. Tourism in the Gulf would see a sharp decrease. Panama City Beach saw a 27% drop, Miami Beach experienced a 21% drop, and Pensacola had a 28% drop.
Economic Ramifications The Oil Spill Liability Trust Fund was established by the Oil Pollution Act of 1990 to fund response, restoration, and research and development related to oil spills. The responsible party (BP) had to pay $75 million for response and restoration costs.
Consequences to the Environment: The Gulf of Mexico is a home to many endanger and threatened species that were put at a greater risk because of the spill. Oil can clump together to form tar balls, and these balls of tar can wash up on the beaches to impact the local wildlife. Plumes of oil are drifting thousands of feet beneath the ocean’s surface, which can disrupt the complex ecosystems of the deep depths of the ocean. It could be years, possibly even decades, before we know the full extent of the environmental damage from the Deepwater Horizon.