Deepwater Horizon oil spill Deepwater Horizon oil spill The "Deepwater Horizon" oil spill (also referred to as the BP oil spill/leak, the BP oil disaster, the Gulf of Mexico oil spill, and the Macondo blowout) is an industrial disaster that began on 20 April 2010, in the Gulf of Mexico on the BP-operated Macondo Prospect, considered to be the largest marine oil spill in the history of the petroleum industry and estimated to be 8% to 31% larger in volume than the previous largest, the Ixtoc I oil spill. The U.S. government estimated the total discharge at . After several failed efforts to contain
Economic effects of the Deepwater Horizon oil spill approximately $23 billion, in a region that supports over 400,000 travel industry jobs generating $34 billion in revenue annually. On 1 November, BP announced plans to spend $78 million to help Louisiana tourism and test and advertise seafood. The real estate prices and a number of transactions in the Gulf of Mexico area decreased significantly during the period of the oil spill. As a result, area officials wanted the state legislature to allow property tax to be paid based on current market value, which according to Florida State Rep. Dave Murzin could mean millions of dollars in losses for each