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 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