Deepwater Horizon Oil Spill and It's effect on the economy

April 20th, A catastrophic even occurred on the Gulf of Mexico. A oil rig was exploded killing 11 workers and injuring 17 others. This disastrous even has been noted as the largest environmental disaster in all U.S history. Forty three million gallons of oil may been lost in the ocean. It has caused, protests, hatred among people, and also has set off goverment "Moods". We all know that it has caused a lot of damage through environment but what most people do not know is it's effect on the economic side.

The company responsible in managing the oil rig is Beyond Petroleum (BP). BP has reported that its own expenditures on the oil spill had reached $3.12 billion, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs.According to UBS, final losses could be $12 billion. BP is getting hit by many lawsuits, and protests, which are effecting the company is many loses. By the end of September BP has reported a loss of $11.2 billion.