Monday, October 18, 2010

BP (NYSE:BP) Cost to Louisiana Fishing Industry Could Reach $172 Million

A report released Friday, from a study commissioned by Greater New Orleans Inc., a regional economic development agency, concluded in the short term the gross revenue loss to the Louisiana fishing industry from the BP (NYSE:BP) oil spill could range from $115 million to $172 million.

Conducting the study was consulting firm IEM and Headwater Capital Consulting.

The parameters of the study were only on the short-term impact on the industry from the Gulf accident.

Two more studies have been commissioned which will focus on how the oil moratorium by the Obama administration affected the region, and a final study on how Louisiana as a brand was affected.

Loss of revenue shown above was for the years 2011-2013 in relationship to commercial fisheries. It targeted seven important marine species, including oysters, crab and shrimp.

Jobs lost from the oil spill are the equivalent of 2,650 to 3,975 full time jobs, said the study, and an earnings loss from $68 million to $103 million. Some of that was mitigated by the infusion of cash by BP into the industry.

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