Gulf Oil Spill's Full Financial Impact Remains Unclear
Houston attorney Kurt Arnold recently expressed the shared sense of relief “that after three months, oil apparently is no longer spilling into the Gulf.” But despite BP's progress on stemming the flow of crude that had been gushing from the seafloor, Arnold explained, “it will take much longer to assess the true economic damage of this environmental catastrophe. An accurate assessment of economic damages to Gulf residents and individuals must be made, and BP and other responsible parties must pay the tab.”
Jason Itkin, a fellow partner with the Houston law firm Arnold & Itkin LLP, echoed Arnold’s concern. According to Itkin, any final tally of economic damages associated with the oil spill must encompass future losses that might result from the catastrophe. Itkin cited issues such as a failure in the recovery of commercial fish stocks, or a slow rebound in the Gulf Coast’s tourism industry. Those types of events could leave businesses and individuals suffering economic losses for years to come.
“It is easy to lose sight of the fact that the Gulf Coast’s economic losses don’t stop when the oil stops flowing,” Itkin cautioned.
Arnold & Itkin LLP is a Houston, Texas, law firm that represents individuals and business harmed by the Deepwater Horizon oil spill.
For more information, please visit the firm's additional coverage at GulfCoastMaritime.com.
