The Legacy of the Gulf Oil Spill
It is estimated that the Deepwater Horizon oil spill that took place in April of 2010 could have an $8.7 billion dollar impact on the Gulf of Mexico. The losses include revenue, profits and wages, as well as job losses. MOEX Offshore has now agreed to a $90 M partial settlement of liability with $45M going to the Gulf of Mexico in the form of penalties and expedited environmental projects. According to the terms of the settlement, MOEX will pay $70M in civil penalties to resolve alleged violations of the Clean Water Act resulting from the spill and agreed to spend $20M to facilitate land acquisition projects in several Gulf states that will preserve and protect in perpetuity habitat and resources important to water quality and other environmental features of the Gulf of Mexico region. MOEX was a minority investor in the lease for the Macondo well, but no longer owns any share of the lease. The terms of today's settlement do not affect the potential liability of – or recoveries from – other parties involved in the Deepwater Horizon oil spill.
Many believe that although the oil spill may have faded from the news the longtime effects need to be monitored and scientists need to continue research into these effects of the oil spill for years to come. Commercial fishermen have seen an impact in their catches already. During 2010 and 2011 long time fishermen reported seeing problems with their catches and brought them to area researchers who have investigated further. Scientists found a number of issues including fish with enlarged livers and gall bladders as well as parasitic infections. Researchers from the university in St. Petersberg, FL, working closely with the states marine science lab reported fish with the highest level of disease were found in the oil spill area. Lead scientists on the project are warning that this does not necessarily mean a direct link to the Deepwater Horizon spill. Researchers sited the need for more studies to assure that oil production is the cause and whether the oil is from that spill. The studies will need to go on for years and many agree that BP and its business partners should be held accountable for the duration of the research.