On April 20th, 2010, the Deepwater Horizon oil rig stationed in the Gulf of Mexico exploded killing eleven people. For three months, 208.5 million gallons of toxic oil spilled into the waters near the gulf coast. The total space covered was about half the size of California. While media focused on the environmental impact, the financial impact on individuals and small businesses continues even to this day. The tourism and fishing businesses experienced a huge drop in revenue.
In December 2010, the Associated Press reported that “Many shrimpers and oystermen are catching and selling only a fraction of previous hauls. Business owners who saw a summer of lost revenue are still struggling to pay their bills, and many had to lay off workers to make it through the slow winter months.” (Yahoo News)
In November, 2010, NOAA was forced to close 4,213 square miles of royal red shrimp fishing due to the discovery of tarballs in the water.
The decline of the tourism industry
Louis Skrmetta is the owner of the Ship Island Excursions ferry business off the Mississippi coast who has said that his business dropped 60 percent this season. Louis considered filing for bankruptcy due to the lack of tourism to the gulf coast.
The $20 billion fund
Kenneth Feinberg is overseeing the payments to those affected by the oil spill. The way it is set up now, people have the option to take a payment immediately as long as they sign away their right to sue BP over the spill in the future. This can be a problem because many do not know how much financial loss they will accrue as time goes on.
“If [those negatively affected by the spill] decide a year from now, I’ll take the final payment; they’re going to have to show prospective damage,” says Feinberg. “But my offer may not be available to them a year from now if everything is back to normal.”
For so many affected by the oil spill, the $20 billion fund set up by BP simply is a pittance. With the amount of individuals affected, the best someone could hope for is a generous three months of pay, but what good is this for someone who has lost his or her hotel? A person who has lost his or her business, and had to file for bankruptcy needs more compensation than this fund can offer. The Andry Law Group can assist you in getting the proper compensation for their losses.
Protect your financial interests
The parties responsible for the Gulf Coast oil spill can be held accountable; however, the longer you wait, the less likely it is that you can get compensation. The Andry Law Group will help you file a lawsuit against BP that can compensate you for losses such as:
- Income dependent on fishing, shrimping, or any other gulf related business
- Income dependent on tourism
- Income dependent on migration to the gulf coast area
- Out-of-pocket expenses related to the oil spill
- Property damage
- Pain and suffering
- Moving costs
- Incurred debt as a result of expenses and lack of income
To get started, simply fill out the form on this page. You can explain your case, and receive a free legal consultation from an Andry Law Group representative with no obligation.