how much did the deepwater horizon oil spill cost bp
Deepwater Horizon oil spill The spill had a strong economic impact to BP [256] and also the Gulf Coast's economy sectors such as offshore drilling, fishing and tourism. Estimates of lost tourism dollars were projected to cost the Gulf coastal economy up to 22.7 billion through 2013. In addition, Louisiana reported that lost visitor spending through the end of 2010 totaled $32 million, and losses through 2013 were expected to total $153 million in this state alone.[257][258] The Gulf of Mexico commercial fishing industry was estimated to have lost $247 million as a result of postspill fisheries closures. One study projects that the overall impact of lost or degraded commercial, recreational, and mariculture fisheries in the Gulf could be $8.7 billion by 2020, with a potential loss of 22,000 jobs over the same time frame.[258][259] BP's expenditures on the spill included the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs, including fines and penalties.[260] As of March 2012, BP estimated the company's total spill-related expenses do not exceed $37.2 billion.[261] However, by some estimations penalties that BP may be required to pay have reached as high as $90Â billion.[262] In addition, in November 2012 the EPA announced that BP will be temporarily banned from seeking new contracts with the US government.[26] Due to the loss of the market value, BP had dropped from the second to the fourth largest of the four major oil companies by 2013.[263] During the crisis, BP gas stations in the United States reported a sales drop of between 10 and 40% due to backlash against the company.[264]
Arctic Refuge drilling controversy In 1998, the USGS estimated that between 5.7 and 16.0 billion barrels (2.54×109 m3) of technically recoverable crude oil and natural gas liquids are in the coastal plain area of ANWR, with a mean estimate of 10.4 billion barrels (1.65×109 m3), of which 7.7 billion barrels (1.22×109 m3) lie within the Federal portion of the ANWR 1002 Area.[25] In comparison, the estimated volume of undiscovered, technically recoverable oil in the rest of the United States is about 120 billion barrels (1.9×1010 m3).[37]