RESTORE Act Gulf Coast. On April 20, 2010, the Deepwater Horizon, an oil rig located in the Gulf of Mexico that was owned by Transocean and drilling for British Petroleum (BP) exploded, killing 11 workers and injuring 16. The rig burned for over a day before it sunk into the gulf on April 22, 2010. Following the explosion, the seafloor oil gusher flowed for 87 days, spilling an estimated 4.9 million barrels of oil into the gulf. The spill resulted in widespread damage to the environment and ecology of the gulf coast states, as well as subsequent economic damage to their tourism
Deepwater Horizon oil spill nose. The spill had a strong economic impact to BP and also the Gulf Coast's economy sectors such as offshore drilling, fishing and tourism. Estimates of lost tourism dollars were projected to cost the Gulf coastal economy up to 22.7 billion through 2013. In addition, Louisiana reported that lost visitor spending through the end of 2010 totaled $32 million, and losses through 2013 were expected to total $153 million in this state alone. The Gulf of Mexico commercial fishing industry was estimated to have lost $247 million as a result of postspill fisheries closures. One study projects that the overall