Gulf of Mexico 1979, the "Ixtoc I" oil platform in the Bay of Campeche suffered a blowout leading to a catastrophic explosion, which resulted in a massive oil spill that continued for nine months before the well was finally capped. This was ranked as the largest oil spill in the Gulf of Mexico until the "Deepwater Horizon" oil spill in 2010. On April 20, 2010, the "Deepwater Horizon" oil platform, located in the Mississippi Canyon about off the Louisiana coast, suffered a catastrophic explosion; it sank a day-and-a-half later. It was in the process of being sealed with cement for temporary abandonment, to
Economic effects of the Deepwater Horizon oil spill the total liability could amount to as much as by the conclusion of the disaster. Financial analysts commented that BP was capable of addressing the potential liabilities that might result, and BP stock rose slightly on the news that the initial compensation fund had been agreed. On 5 July 2010, BP reported that its own expenditures on the oil spill had reached $3.12 billion, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs. As of 1 October 2010, BP has spent $11.2 billion. As of March 2012, BP