The BP Deepwater Horizon drilling rig, situated about 50 miles off the coast of southern Louisiana, exploded on April 20, 2010, resulting in 11 deaths, 17 injuries and one of the worst environmental disasters in U.S. history. In response, the Secretary of the Interior exercised his authority to suspend certain deepwater drilling activities. Given the uncertainty about the adequacy of existing safety regulations, the moratorium provided time to determine whether and how deepwater drilling could continue in a safe and environmentally-sound manner. The current moratorium is in effect until Nov. 30, 2010. This report estimates the economic consequences of this moratorium in the five Gulf Coast states.
Source: U.S. Department of Commerce
