First Katrina, now this. You have to feel for the people of the Gulf.
Ignoring all environmental concerns, the economic impact of the BP
But if the goal is to protect the economy, be careful what you wish for when calling for drilling moratoriums and other tactics to eradicate Big Oil's offshore presence from the region. The truth is, Louisiana's economy relies on oil production far more than other industries that some are trying to protect:
Industry |
Contribution to Louisiana's GDP (2007) |
---|---|
Forestry, fishing, and related activities |
$613 million |
Amusement, gambling, and recreation |
$2.0 billion |
Accommodation and food services |
$5.5 billion |
Oil and gas extraction |
$20.9 billion |
Petroleum and coal products manufacturing |
$16.3 billion |
Source: Bureau of Economic Analysis.
That isn't to say BP isn't responsible, or that practices by drillers like Transocean