Lingering Effects

Tuesday, July 27, 2010 - 3:35pm

Grim outlook for Gulf Coast in the wake of the spill

Set to take on the role of CEO in October, Bob Dudley seems to understand BP is ultimately linked to, and in many ways just like, the disaster in the gulf...damaged and in disarray.

"We still have work to do to make sure the beaches are clean, remain clean and that we begin the restoration and that is in the best long term strategy for BP for it to do business in the United States," he pledged.

Meanwhile, business was the primary focus of a Congressional panel in Washington Tuesday.

During what should be the peak of the tourism season beaches, some stained by tar, others still with pure white sand are mostly empty because of the threat of oil, while the thick mess in the marsh and wetlands has forced fishermen to stay on shore.


"I don't know of a single business that has not been directly affected by this oil," Alabama Gulf Coast Convention President Herb Malone testified.

A New Oxford Economics study predicts the financial impact of the spill could last for three years at a cost of nearly $23 billion.

"I have businesses that have bank notes due last week, every day that goes by is critical," Malone said. "Every week that goes by there will be another foreclosure."

Kenneth Feinburg is the man in charge of distributing BP's relief funds.

"I understand from all of these witnesses and this committee that time is of the essence," he said, "I'm working as fast as I can to get these emergency claims as soon as possible."

Feinberg said businesses affected by the spill should begin receiving compensation checks in the next few weeks.

At the spill site crews are working as fast as they can to permanently seal the well.

They believe it will be completed by the end of next week.
 

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