Monday, October 11, 2010

BP (NYSE:BP) Oil Spill Hits Seafood Processors Hard

A recent report alleges the seafood processors in the Gulf region were hit especially hard by the BP (NYSE:BP) oil spill, as a variety of concerns over food from the Gulf has apparently hit the industry hard.

Another variable is the ongoing recession, which makes it difficult to evaluate how much is as the result of the oil spill and how much if from national and international economic hardship.

Obviously some is connected to the oil spill, as demand for seafood shrinks from past levels.

The reason it affects the seafood processing industry more is restaurants and grocery stores can tap into other sources, while the Gulf seafood processors, for the most part, are reliant on Gulf seafood to do business.

Being out of favor at this time, it's going to be a long road to recovery for them, and likely some of them won't survive.

1 comment:

  1. Mitt Romney was the 70th Governor of Massachusetts from Jan 2,2003 to Jan 4,2007. During his one term the Buzzards Bay oil spill happened during April 2003 .

    On April 27, 2003, eight years ago the Bouchard Barge B-120 hit an obstacle in Buzzards Bay, creating a 12-foot rupture in its hull and discharging an estimated 100,000 gallons of No. 6 oil. The oil is known to have affected an estimated 90 miles of shoreline, killed 450 numerous bird species, and recreational use of the bay, such as shell fishing and boating.

    Since the 2003 oil spill the US Coast Guard has appealed the 2004 Massachusetts Oil Spill Prevention Act and one Massachusetts property damage lawsuit has dragged on for eight years. Republican Mitt Romney is laying the groundwork for a possible White House campaign in 2012, hiring a team of staff members and consultants.