A massive oil spill occurred when an oil rig caught fire last week and then sank. Friday it reached the seafood grounds and wildlife refuges on the Louisiana coast.
It could cost the Louisiana fishing industry in Louisiana $2.5 billion and the tourism impact to Florida’s coast could be as much as $3 billion according to Neil McMahon with Bernstein investment firm on Friday.
BP, the owner of the well, reportedly will take full responsibility for the oil spill and pay for legitimate claims.
This oil spill in the Gulf of Mexico could become one of the worst ecological disasters in U.S. history.