The BP oil spill has had a devastating impact on the ecosystem and economy across the Gulf Coast. Even five years after the worst oil spill in history sent millions of gallons of oil into Gulf waters, businesses, families, and individuals continue to experience an enormous negative impact. In Mississippi and throughout the Gulf Coast, the lingering effects of the ecological disaster continues to financially ravage self-employed fishermen, business owners, and families. While the full magnitude of the damage continues to be debated by BP consultants, government agencies, and economists, many businesses and individuals who submitted claims for their economic losses five years ago continue to labor under financial hardships without compensation.
The amounts paid by BP through its settlement fund have still left many businesses in dire economic shape. As of a year ago, BP has paid out approximately $10 billion in claims to people across five states in the Gulf region that includes Mississippi. The economic losses have taken the form of diminished property value, lost profits, and forgone income. BP has continued to drag its feet on paying many of these claims based on the contention that it has overpaid certain claimants based on a formula that overestimates future losses. This slow processing of claims has resulted in over 60,000 entities or individuals who were harmed by the oil spill being left out in the cold without payment.
BP continues to face further sanctions for the Deep Horizon disaster. Currently, the company is potentially facing a maximum fine of $13.7 billion for Clean Water Act violations and devastating Gulf Coast economies. If these penalties are levied, they will be piled on top of the $42 billion price tag that the company has indicated it has incurred for cleanup, fines, paid claims, and compensation of victims.
The company also is awaiting a determination from the U.S. District Court for Eastern Louisiana regarding civil penalties a subsidiary will be fined for the well blowout that resulted in 11 dead workers. The judge ruled in September that the company’s actions constituted “gross negligence” prior to the explosion. He determined the volume of oil that spewed into the Gulf at 3.19 million barrels.
The loss affected businesses and the self-employed individuals in the region in a multitude of ways. Damage to the ecosystem seriously impaired the yield for fishermen who sell crabs, oysters, and shrimp. Further, the scarcity of these forms of sea life was compounded by public fears that shellfish coming out of the Gulf were not safe to eat after the spill. Operators of motels, hotels, and restaurants were harmed by the economic downturn in the region and lack of tourism. Further, companies that provided supplies to the fishing industry like bait shops experienced lost profits as a trickle-down impact from the diminished harvest of seafood. Businesses planning on expansions also had to put off their plans in the wake of reduced revenue.
Despite these financial losses, many businesses continue to wait as BP continues to drag its feet in paying claims. If you wish to pursue a claim or you have experienced unreasonable delays in having your claim settled, our Mississippi BP Oil Spill Lawyers have successfully represented many businesses that have suffered economic losses associated with this disaster. At Barrett Law, we are here to help. Contact our firm today at 800-707-9577 to schedule your free consultation, so we can answer any questions you may have regarding filing your claim.