top White House staff were consumed by the spill and its political fallout for much of the spring of 2010. As staffers now lamented privately, this had diverted attention from other pressing issues—above all, the sputtering economy.Read the complete article here.
The political fortunes of the Democratic party were not the only collateral damage from the spill. Gulf coast tourism plummeted, even in areas untouched by oil. Seafood restaurants in New York and Chicago proudly advertised that they did not serve Gulf fish. And many oyster beds were devastated when they were flushed with fresh water from the Mississippi River as a “preventive” measure. Most recently, on December 1, Interior Secretary Ken Salazar cancelled previous plans for much expanded offshore oil and gas drilling, killing thousands of jobs and forgoing an opportunity to reduce the nation’s enormous foreign energy bill.
Oddly enough, however, the ecosystem of the Gulf itself turns out to have suffered remarkably little damage from the continuous gushing of oil into the water from April 20 till July 15, when the leaking well was capped. [Emphasis added.]
Correcting misconceptions about markets, economics, asset prices, derivatives, equities, debt and finance
Sunday, December 26, 2010
Gulf of Mexico Suffered Little Damage From Deepwater Horizon Oil Spill
Posted By Milton Recht
From the Weekly Standard, "Oil Spill Hysteria: The Gulf of Mexico suffered remarkably little damage. Why were so many so willing to believe otherwise?" by Robert H. Nelson, professor of environmental policy at the University of Maryland:
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