Offshore oil and gas in the Gulf of Mexico (United States) and part of offshore Alabama, since 1995. In March 2010, President Barack Obama announced plans to allow drilling in the eastern Gulf of Mexico, in federal waters greater than from the coasts of Alabama and Florida. In December 2010, following the "Deepwater Horizon" oil spill, the Obama administration reversed its plans to open the eastern Gulf, and imposed a moratorium on new drilling in the eastern Gulf of Mexico for at least seven years. The "Deepwater Horizon" oil spill (also referred to as the BP oil spill, the BP oil disaster, the Gulf of Mexico oil spill, and the Macondo
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