Oil Spill May Not Have Huge Impact On Economy
May4It’s too early to predict the economic damage of the BP oil spill in the Gulf of Mexico. However, preliminary indications are encouraging. Mike McKee of Bloomberg TV reports that the impact could be relatively modest if the spill continues to drift away from the coast.
The fishing industry could take a hit, and there may be a sharp rise in seafood if Louisiana is heavily impacted. (About 80% of the Gulf’s output comes from Bayou State fishermen). Real estate and tourism could also be impacted. But the impact on global oil prices looks to be slight.
So we can go back to worrying about Greece and the Euro. 
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Author : Bob Chiore
Author's Website | Articles From This AuthorAs the business editor of 73 Wire, I am intrigued by the impact of government policy on business and markets. I am a career finance professional with 30 plus years in corporate treasury management.
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