gulf oil spill, bp oil rig

Over the last week, the oil slick that continues to bubble from a broken British Petroleum oil rig in the Gulf of Mexico has become a media star. Primarily threatened are the Gulf coast residents and communities that depend on the Gulf's waters for their livelihood and the animal species that inhabit those waters. But there is more at stake in the drama of the BP oil rig.

If the oil slick reaches these vulnerable coastal areas, the economic repercussions will be far reaching. They will reach all the way into your wallet. 

1. Seafood will get pricey – 40 percent of America’s commercial seafood harvest is hauled from the plentiful waters of the Gulf. That’s a massive chunk. You can imagine what happens to the availability of seafood in the U.S. if even 25 percent of that is spoiled or lost by the oil spill. This will create a scarcity of seafood. And where there is scarcity, price goes up. Look for your shrimp and crayfish to turn insanely expensive. It might even disappear altogether from restaurant menus.

2. Unemployment will surge – Our already injured job market will take one to the gut, courtesy of the oil spill. If the spill significantly affects seafood and/or tourism in the area, restaurants, resorts, and other related businesses will shut down, sending a new wave of jobless working class into other areas to try to scrape out a living. 

3. Inflation will rise – Whenever the oil companies have an excuse to raise oil prices, whether because of an actual crisis or in anticipation of a crisis, they will. In turn, increases in the price of oil will make everything else- manufacturing, shipping, travel, etc.- significantly more expensive, thus starting an inflationary wave that will probably kill your well-planned summer, sorry to say.

The following video, supplied by the Wall Street Journal, highlights the effect the spill is having on wildlife and the fishing industry:

To get a better idea of the magnitude of this continuing disaster, consider the following infographic, which we borrowed from our friends at Oil & Gas News:

gulf oil spill, bp oil spill, oil spill cost, deepwater horizon

About the Author: Marcus Varner writes articles and blogs for and numerous other online sites. He earned a BA in English and a MBA in Marketing from Brigham Young University. He loves following trends in education, the job market and economy, and entertainment.

4 comments on “3 Ways the Gulf Oil Spill Will Affect You

  • This is horrible, and the nerve of bp to push this off on another company, and to lie about how much oil this was spewing out a day, is rediculous. They deserve that 1million a day tap. Also I think they should pay the wages of those who fish in the water near by. BP is making them lose money, so I think they should pay up
    as if the shoe was on the other foot. I;m sure bp would charge one, for interupting their work.

  • This is really a horrible tragedy..It affects many people, the food, employment, everything specially our environment. How could we help to solve this problem?

  • This was a tragedy but I feel bad about the people but even more the animals.some lost their lives because of this.but I guess I’m trying to say is people need to be careful and find a safer way to mine for oil.????

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