Gulf of Mexico Oil Spill

Bp Oil Spill
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The gulf oil spill has been so far the largest marine disaster that has hit the world, over and above the Exxon Valdez accident. With close to 170 million gallons of oil that were spilt into the sea, there were devastating impacts to the ecosystem. Later the cleanup of the oil from the sea using Corexit, which is estimated to have been in the tune of 2 million gallons, is also reported to have had some ecological impacts. Other than the obvious environmental implications, there were economy implications that went along with the oil prices after the costs on the cleanup. There were increased domestic policy debates and ratifications with reference to energy. Other than the oil prices, there were economic implications in the fishing as well as the shrimping industry especially in places such as Louisiana, affecting the seafood prices (Griggs, 2011).
The Oil Pollution Act of 1990,was enacted due to the level of public concerns that followed after the Exxon disaster. Ideally it was enacted with the main aim of increasing the ability of the federal government ability to prevent and respond to oil spills if they may ever happen again. Under the Act, there was the creation of the National Oil Spill Liability Trust Fund. The funds available per accident are tune...