Potential Impacts of the Gulf of Mexico Oil Spill
The damages to the Gulf of Mexico natural resources caused by the Gulf of Mexico Oil Spill (GOMOS) will take some time to be cleaned up and the restoration period to get the resources back to their original pre-GOMOS status is still indefinite.
In the meantime, the production of goods and services by economic sectors located in the GOM states will be adversely affected leading to possible reduction in the levels of economic activity, employment and personal income, and tax revenues.
In order to understand the magnitude of the potential economic impacts of GOMOS to the different economic sectors affected, multi-year baseline economic information about each sector are currently being compiled from various secondary sources.
The closures of significant portions of GOM federal and state waters to commercial and recreational fishing and closures of beach resources to human uses due to GOMOS will alter the recreation and consumption decisions of residents and tourists in affected communities.
The changes in the market perceptions and flow of goods and services generated by the damaged natural resources will affect not only households but also communities dependent on these natural resources.
In order to understand the magnitude of the potential impacts of the GOMOS to the domestic markets of shellfish and foodfish species commercially landed in the Mississippi Gulf Coast, long-term ex-vessel and ex-warehouse prices are compiled from various secondary sources.
In addition, a short survey of resident seafood and marine-related establishments licensed to operate in Mississippi is currently ongoing to determine the impacts of the GOMOS on their business operations in the year 2010.