Topic > Impact of the Deepwater Horizon Oil Spill on the United States…

Depleting reserves, high oil prices, and spectacular offshore discoveries have focused global attention on deep waters (National Geographic, p. 3). Joel and Bourne (2010) state that “the Gulf of Mexico now accounts for 30% of US production, with half of that coming from deep waters (1,000 to 4,999 ft).” The US government has roughly calculated that the depths of the Gulf could contain 45 billion barrels of oil (NG, p.44). So, this fact gave new reasons to oil companies to drill oil wells in that region. The Minerals Management Service (MMS), the national agency that administered offshore drilling, used to say that the chance of a blowout was less than 1% and that, if it occurred, it would not release much oil (National Geographic, Joel .K , Bourne, JR. Deep Dilemma, October 2010, vol.218., no4, p.42). But the explosive explosion of the Maconda well at the end of April contradicts the MMS statement. Since the explosion of the Deepwater Horizon platform caused the most serious accidental oil spill at sea in history and immediately acquired great political, environmental and economic importance (Robertson and Krauss 2010). According to the Deepwater Horizon accident investigation report, a well control accident allowed hydrocarbons to leak from the Macondo well on the Deepwater Horizon oil rig, causing explosions and fires on the platform. The fire lasted thirty-six hours until the platform sank (Deepwater Horizon Accident Investigation Report). For approximately three months, hydrocarbons leaked from the container through blowout preventers and the well, resulting in a spill of national significance (Deepwater Horizon Accident Investigation Report). Worse, eleven workers died, 205.8 million gallons of oil spilled amid years of failed efforts to recover from past destruction. Achieving its restoration is the most important challenge facing the Gulf today, despite years of unsuccessful attempts to recover from previous damage. According to oil spill damage statistics by Cohen (1986), the environmental impact of the 5 million barrels of oil spilled from the Deepwater Horizon will exceed $1.5 billion, however according to Helton and Penn (1999) it will be approximately $13.6 billion (Cohen 2011). ). The statistics cited exclude cleanup costs or compensation to individuals who suffered economic losses (Cohen 2011). Applying ExxonValdez's per-gallon estimates to the Deepwater Horizon oil spill would provide an impact estimate that ranges in value from $105 billion to $239 billion, a figure that includes both environmental impact and economical (Cohen 2011).