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
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