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 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