Gulf Oil Spill Economic Ripple Effect on Business Owners
Shrimp boats equipped with booms collect oil in Chandeleur Sound, La., on May 5. (AP Photo/Eric Gay)
The Gulf oil spill that is contaminating the water off the coast of Louisiana is not only a bad thing for the environment, but is also effecting business.
Some tourists may be discouraged from planning trips to those areas effected by the oil spill. The spill is also affecting the region’s fishing industry. Many economists say that the concern over oil damage potentially could even put a damper on coastal real estate markets. This could only be the beginning.
The question is how much will it cost to not only clean up the spill, but also how will it affect the region’s economic recovery.
An oil-soaked bird struggles against the side of an Iron Horse supply vessel at the site of the oil spill off Louisiana on May 9. (AP Photo/Gerald Herbert)
The oil could cause billions of dollars in damage to property, wildlife and take several years to fully clean up.
What we do know is that Louisiana produces only about 1% of the seafood Americans eat. So although this will largely effect local seafood suppliers it should not affect shortages in your grocer’s freezer.
This spill is unfortunately bigger than the Exxon Valdez disaster, making it the largest oil spill in U.S. history, government scientists have said.
I think we can all agree that the oil spill is an unfortunate situation. The damage it has created to our wildlife alone is horrific. The truth is that unfortunate as it may be - unforeseen things like an oil spill, tornado and floods happen. A tough economy happens. As a business owner you have to be prepare to roll with the punches. Just as you do in life, you have to pick yourself back up and find what positives can be learned from the situation.
Business Owners: How can you better your business even when special situations occur?
To make a difference in your business you have to change the way you do things. It begins by attending one of our profit building seminars.
To get started today click the link above. We look forward to helping you grow your business and making the kind of money you always thought possible.
