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Economic Implications

The economic implications of the oil spill can be divided into two categories: private and public. And a thorough review of the economic implications of this event must consider both.

Private losses are those we typically see mentioned in the media and would include things like lost income to commercial fishermen, reduced revenues to restaurants and lost hotel bookings. Conversely, public losses are also prominently mentioned by the media, however generally they are not viewed in economic (monetary) terms. These injuries generally involve lost access to public goods (beaches, national parks, protected natural areas) and would include things like lost recreational fishing, boating and beach use.

Public losses can also be quantified in economic terms and possibly rival or even exceed private losses in their size.

  • Florida Deepwater Horizon Oil Recovery Dollars - This site allows Floridians to see in a transparent and accountable fashion how the grant money received from BP is being spent in Florida. It also keeps a running tab of state government expenses so that we can file with BP to reimburse Florida's taxpayers for oil spill-related costs.
  • Florida's OIl Spill Economic Recovery Task Force - The task force formed by Governor Charlie Crist to facilitate efforts by Florida businesses and industries in recovering from lost business and revenues due to the Deepwater Horizon oil spill.

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