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Microeconomics Group Project

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by

Taylor Gray

on 11 October 2013

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Transcript of Microeconomics Group Project

Deepwater Horizon Oil Spill (BP Oil Spill)
Spill Timeline
2008
March-rights purchased

2009
-February: 52-page environmental
impact plan issued
"...unlikely that an accidental surface or subsurface spill would occur from proposed activities...if it
did, due to distance from coast and response activities, no significant adverse impacts would be expected"

-April: Dept. of Int. exempts BP from
detailed environmental impact study

-November: Hurricane Ida


Fishing Industry
*Gulf of Mexico is one of the
nation's most productive fishing
areas
Tourism
*Clean beaches and crystal-clear waters were always a large source of tourism revenue for Gulf area
Health Impacts
*Tar-covered beaches resulting from oil-dispersant mixture carries 10x more lethal bacteria Vibrio Vulnificus than previously so
Response
*In November, 2012, the EPA reported that BP would undergo a temporary ban inhibiting them from entering future contracts with the United States government
2010
-February: Drilling resumes

-March: Accident damages gasket on blowout
preventer

-Apr. 1: Halliburton warns that use of cement is
"against our best practices"

-Apr. 9: Final section drilled and requires casings
BP chooses single liner vs quadruple (cheaper & faster)

Apr. 15: Morel (engineer) states that 6 centralizers will be used. Gagliano suggests 21 be used. Morel sates it is too late, and the only option is to rearrange centralizers.

Apr. 18: Well is considered to have a
serious gas flow problem

Apr. 19- Cement is used to seal final
production casing
Apr. 20: Cement bond test is cancelled
-BP officials celebrate 7 years with no accidents on rig
9:49 pm- gas, oil, and cement explode up
wellbore, catch fire, and kill 11, injuring
17 others
*At peak of response, as much as 40%
of Gulf Waters closed to commercial
and recreational fishing
*Predicted (by Canadian Journal of Fisheries and Aquatic Sciences) that over the course of 7 years, could cost as much as $8.7 billion
-Revenue
-Wages
-Profit
- >22,000 jobs
*Deformed Sealife
-Eyeless shrimp
-Clawless crabs
-Fish with open lesions
*Cleanup crews raced to keep oil out of public eye -As much as 60% estimated to still be unaccounted for (Markus Huettel-Ecologist at Florida State
*Mixture of oil and dispersants created
a toxic tar that covered beaches and made
them uninhabitable for animals and humans
US Travel Association predicts that over
a three-year course, $23 billion in profit,
$34 billion in revenue, and 400,000 tourism-based jobs could vanish
*Moratoriums placed on oil companies
could lead to loss of many oil-related jobs
which account for over 17% of all Louisiana jobs
*Mike Robicheux, Louisiana physician, described situation as the "biggest public health crisis from a chemical poisioning in the history of this country"
*Cleanup workers experienced eye, nose, and throat irritation, respiratory problems, seizures, blood in urine, rectal bleeding, burning lesions, and brain damage among many other symptoms
*Significant number of Gulf residents reported mental health problems such as anxiety, depression, and PTSD.
*Parents of as much as 1/3 of children living within 10 miles of Gulf coast reported physical and mental disturbances in their children including ear and nose bleeding, early start of menstruation, and confusion/concentration problems
-BP dropped from the 2nd to the 4th largest oil company
*New precautions make approval of future oil-exploration projects more difficult
*Oil companies are less likely to invest in such projects around the world, slowing oil production
$$$
Economic Impacts
$$$
stricter exploration
regulations
less oil
production
higher gasoline prices
-less travel
-higher grocery prices
-higher transportation
costs
Full transcript