Forexsig.com 6/23/2010 News
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6/23/2010 News
Gulf Oil Spill Could Have Far Reaching Economic Effects
The recent oil spill in the Gulf has really had a serious impact on the economy of the southeastern United States, especially that of Louisiana, which was hit hard by Hurricane Katrina just a few years ago.
While the focus is currently on halting the oil and cleaning up the spill as oil continues to gush from the well, economic experts are looking more at the economic effect both short as well as long term of this oil spill, which is projected to be the largest in United States history.
The oil spill could have far reaching effects on the economy of the United States as well as the international economy. There are several reasons for this. First, fishing, boating, tourism, food and of course oil industries in the vicinity of and around the vicinity of the spill will be greatly effected. Second, this halt in production and shake up of economic stability in the region could effect the rest of the United States as well as effect that particular region for years to come.
With the long reaching economic effects unchecked, this oil spill could have more consequences than anyone realized. 11 people losing their very lives is by far the biggest consequence of all, it should have been avoided.
Our government officials as well as state officials and citizens in general have a need to keep the pressure on BP to do everything that they possibly can to continue to clean up this spill quickly, as of right now it seems like they're doing just that, let's hope it continues or even speeds up.
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