Bp Oil Spill

Impact of BP Oil Spill in Gulf of Mexico

British Petroleum (BP) is a gas and oil company, one of the six oil and gas “supermajors”. [1]It is active in every area of oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.

BP oil spill in Gulf of Mexico is the largest accidental marine oil spill in the history of the petroleum industry. The explosion killed 11 men working on the platform and injured 17 others. The spill continues to cause extensive damage to marine and wildlife habitats as well as the Gulf’s fishing and tourism industries. On April 20, 2010, the global energy company of BP’s oil rig, Deepwater Horizon, suffered an explosion causing a massive amount of oil to spill into the Gulf. This is the largest oil accident after the 1989’s Exxon Valdez spill. However, the recent Deepwater Horizon BP oil leak disaster truly eclipsed the Exxon Valdez oil spill of 1989 and now has the dubious distinction of being one of the largest oil spills on record. [2] The oil spill has already taken a tremendous toll on BP and the United States and will continue to do so as relief efforts for oil cleanup and environmental restoration continues.

In this paper, I would focus on the economic impact the accident has caused and how the effect can be minimized. I would also make some recommendation for preventing or at least being more prepared for such accidents in future.

Gulf of Mexico Losing its Environment

Oil spills has caused extensive damage both short term and long term - to ocean depths, sea creatures and coastal fishing. The immediate effect of oil spillage is large-scale death of several sea creatures and contamination of fish and other sea food species, but the long-term ecological effects may have an alarming cascading effect. Oil waste damages the sensitive marine and coastal organic substrate, affects the food chain on which fish and sea creatures depend.

Apart from fish...