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 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