The Economic Impact of the BP Oil Spill

The economic impact of the BP oil spill which resulted when the Deepwater Horizon oil rig exploded and began leaking hundreds of thousands of barrels of oil into the ocean has been extremely far-reaching and ongoing. Approximately 40 percent of federal waters in the Gulf of Mexico were closed to fishing in the aftermath of the oil spill. These Gulf areas typically supply one-third of all the seafood consumed in the United States with this $3 billion dollar industry.  Further, tourism is the largest non-governmental sector of the Gulf coast in Mississippi where significant portions of the 62 miles of beachfront were closed for months.

Negotiations were ongoing from August of 2010 to February of 2012 following class action suits filed against British Petroleum. A settlement amount of $8 billion dollars was reached in February although there is no cap on the final amount. $2 billion dollars has been set aside specifically for the damaged seafood industry, while settlements for medical damages, property damages and damages for those in Louisiana were reached. The economic impact of the BP oil spill also encompassed the massive clean-up efforts along 635 miles of shoreline as well as extensive environmental damages.

Class Action Suit Settlement

This May, three separate class action suits were created in order to provide medical and financial compensation to all individuals and businesses who suffered economic or medical damages resulting from the BP oil spill. The Economic and Property Damages Settlement program is meant to compensate individuals who suffered severe economic impact of the BP oil spill including the use of business or personal properties, loss of growth potential for businesses and a negative impact on profits.

Adverse Health Effects

The Medical Benefit Settlement program will help all those who suffered adverse health effects as a result of the toxic chemicals blowing inland, much further than anyone expected. Those who had previously suffered from asthma found their symptoms increased exponentially while others were stricken with upper respiratory infections, rashes and allergies, chronic coughs and headaches, nausea and dizziness. The current medical expenses will be covered as well as twenty-one years of follow-up healthcare.

Louisiana Settlement Program

A third settlement program is specifically for Louisiana residents who suffered a financial impact as the result of the BP oil spill. Both individuals and businesses are eligible to apply for this program which will offer crucial information as well as compensation for damages and injuries. Lives were lost in the Deepwater Horizon explosion then hundreds of aftershocks were experienced by humans, plants, animals and property long after the spill was reportedly cleaned up. Fishing and shrimping businesses as well as the tourism industry were hit hard, with many businesses closing their doors for good.

Getting Help

Our regulatory system obviously failed in this instance, leaving innocent people hurting. Our highly qualified attorneys are waiting to help those victims rebuild their lives and get the benefits they deserve from the BP settlement programs. Whether you are seeking compensation as an individual or a business entity, our attorneys can ensure the process goes smoothly. We offer an evaluation of your particular case, so call 1-225-381-8320 to speak to a member of our legal team. Don’t delay—the Economic and Property Settlement Program began disbursing settlements for qualified claims on June 4, 2012.