The Impact of the BP Oil Spill on Other Companies

By June 23, 2010 January 15th, 2018 BP Oil Spill

The Transocean Ltd Deepwater Horizon oil rig exploded on April 20th and since then, many communities and persons have been impacted by the Gulf Coast oil spill. One of the many effects is that on BP stock which continues to decline, causing those that have their pensions invested to fear for their future. But what about other companies besides BP? Are there more companies than just this one that will be affected long term by this oil spill and what can you expect if you own one of those companies or if you work for one.

The Gulf of Mexico is crucial to the success of many companies, and not just the fishing companies and shrimping boasts that go out each day and collect what some experts have said is around forty percent of the seafood that we consume in the United States. These fishing boats have certainly been affected however, as some areas ban fishing due to the water that they are fishing in being affected by the oil spill and some fishing companies and their employees are going out of business because they have no water in which to collect their catch.

However, other companies may also be affected by the BP oil spill. One fear is that this incident will prompt regulation that puts restrictions on oil companies and others that could cost millions of dollars. Also, some are concerned that it will be more difficult to obtain drilling permits for the Gulf of Mexico area. Companies are preparing for possible losses in the face of this disaster, but no one truly knows how far reaching the losses, regulations and new standards might be and how much they will cost these companies.

Companies such as Noble Energy are concerned about regulations, and drilling permits in the gulf, and Andarko Petroleum expressed concerns that the government will want to increase the frequency and scope of investigations. Marine Petroleum Trust is another company that hasn’t yet been affected by the oil spill but may in the future -again concerned about new rules and regulations. Some companies are even concerned about the spill itself, and whether it could damage ships or cause their operations to be delayed or halted.

Other companies besides those directly involved in the oil business may also be affected, including insurance companies, boat and ship manufacturers and those that repair them, as well as companies that buy and distribute the seafood that is collected. If you work at or own one of these companies and you are going to be suffering a loss or lose your job because of this oil spill and the ensuing fallout, contact attorney Emery Ledger at Ledger & Associates. With years of helping accident victims, Ledger & Associates has the competent and experienced attorneys that you need.