Taking a Look at the Economic Impact of the BP Oil Spill

The Economic Impact of the BP Oil Spill and Your Potential Claim

Following the Deepwater Horizon oil rig explosion in April of 2010, the economic impact of the BP oil spill has spread like wildfire. Tourism as well as fishing and shrimping industries in the Gulf suffered severe economic damages, some of which cannot be recovered from. Resorts, hotels and casinos saw their business revenues plummet even though the tourists were replaced in part by clean-up crews, insurance adjusters and engineers responding to the crisis. Although the industry has slowly begun to rebound, it could be many years before the areas of the Gulf are completely recovered. In August following the oil spill class action suits were filed against British Petroleum.

Nearly a year and a half later BP chose to reach a settlement of nearly $8 billion dollars to lessen the economic impact of the BP oil spill for all those residents of the coastal regions. This allocated settlement will cover three different settlement programs, the first for Economic and Property Damages, the second for Medical Benefits and the third for Louisiana residents who had property or health harmed by the oil spill. The goal of these settlement programs is to offer assistance to the hundreds of thousands of coastal residents who had their property, business or health harmed by the oil spill. The residents along the coastal regions of Louisiana, Mississippi, Alabama, Texas and Florida suffered an incredibly negative economic impact from the BP oil spill, with many of them being forced to close the doors to their business—and livelihood—for good.

Adverse Health Effects

If you were a coastal resident who suffered ill health effects from the oil spill you may qualify for the Medical Benefits program. Many residents of the area saw an increase in asthma symptoms as well as suffering upper respiratory infections from the toxic chemicals which blew inland after the spill. Other residents suffered rashes, allergies, nausea, dizziness as well as chronic headaches and coughs from the fumes.  The exposure to the oil chemicals were also felt through skin contact and ingestion of contaminated food or water. While the exposure levels will vary depending on the individual it is not yet known how far-reaching these effects will be. These victims are entitled to make a claim for medical expenses under the Medical Benefits program and will also be entitled to twenty-one years of medical checkups and treatments.

Residents who lost the use of their personal or business properties, or those who lost business revenues or their businesses failed to grow because of the oil spill will be entitled to compensation under the Economic and Property Settlement program which began settling qualified claims on June 4, 2012. Those who suffered damages from the BP oil spill are encouraged to call 1-225-381-8320 to receive a qualified consultation with one of our highly experienced and knowledgeable attorneys. Don’t try to navigate the claims process on your own. While a failed regulatory system may have been responsible for the oil spill disaster, we will advocate strongly on your behalf, whether individual or business, getting you the compensation you deserve.