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Graffiti found on wall in La Boca, Buenos Aires, Argentina
The Impact of The Oil Leak in The Gulf of Mexico on The World’s Economy
Recently, the news about an oil leak in the Gulf of Mexico was flashed all over the world. Although the disaster which is also known as the Deepwater Horizon oil spill started near the United States, it captured the attention of many people around the world. No doubt, there is a possibility that some people who do not live in the United States or any other nation that is directly affected are also concern about the situation and whether it would impact them as well.
Some people may ask why the oil leak became an international event and concern. Firstly, the leak is a very large amount and it can have a severe negative impact on the environment and in turn cause problems to the supply of seafood. According to the Los AngelesTImes, Professor Steve Wereley of Purdue University estimated there were about 70,000 barrels a day being lost in the disaster after analysing a video released by British Petroleum and he also disagreed with the official estimated amount which was around 5,000 barrels. With the area of water being polluted by the leaking oil, marine creatures living in that area may not be able survive. If more marine creatures especially those consume by humans are dead, the food supply will be greatly reduced and people will have less to eat. As you may have learn in economics, when supply decreases, price increases. And so, with the supply of sea food decreases, people will have to pay more for seafood and how much more they have to pay depends on how much less seafood the people can get as a result of disaster. It has been estimated that the fishing industry has lost .5 billion dollars as the result of the oil spoil. The Governor of Liousiana had declared a state of emergency for his state fearing that oil leak will cause a severe threat to the wildlife and marine creatures near the coast of the state. Although, people may not be consuming the wild animals affected or killed by the disaster, the creatures that people can consume may depend on those affected wild animals to survive. With less food to eat, the animals that the people eat may not be able to survive. As a result, the people themselves will have less to eat. With the supply of food affected by decreases, the price for such food has to be increased making it more expensive.
The second reason why the disaster is considered as world event is that the people will have to pay more for products that are made with oil which also known as petroleum or rely on it to operate. Petroleum is very important raw material as it is used to produce fuel to power vehicles, paraffins to package frozen food, and other useful products like kerosene. With the price of petroleum being increased as its supply is reduced because of the oil leak, manufacturers and other businesses who use petroleum in their products have to pay more for it. And so, they have to charge more for their products to prevent the reduction of their profits as much as possible. In the end, when the products reach the selves of the stores, the customers will have to pay more for it. This can be easily illustrated in this manner. The price of petroleum has increased. Because the making of paraffins requires petroleum, the makers of paraffins will have to pay more for it. In order to get back the additional amount they have to pay for the petroleum, they have to charge the frozen food sellers more for their paraffins. Since, the frozen sellers have to pay more for the paraffins, they have to charge their customers more to cover the cost.
The third reason for the disaster to become a world’s attention is that it may cause some people to be out of work. When a manufacturer is unable to bear the cost of manufacturing due to the increase in petroleum prices, it will have to cease production of such products and if it is the only product it produces, it may have to cease business. A lot of money also has to be spend to control the oil leak and recovering the oil is a very difficult task. Even if it is possible to recover some of the oil, the job involved will be a very costly one. To make matters worse, speed of the leak is five times faster than previously thought.
The fourth reason for the disaster to become a section of the world report is that people’s lifestyle can be affected by the increase in prices of products and services because of the reduction of supply in petroleum and the as the result of the leak and possible increase in the price of it. As as result, some people who has to pay more for products affected by the oil leak will have to cut down their expenses on other items in order to help make ends meet because not everyone is rich. This, of course, may have some impact on their lifestyles. SInce the supply of seafood may be greatly reduced because of the oil leak, prices of seafood will also increase causing some people to consume less of such food.
The fifth reason for the disaster to become an International attention is that it can have some impact on the world’s employment rate. Tourism in Florida has been affected with an estimated lost of 3 billion dollars. Florida is not only visited by locals and other Americans but by International travellers as well. This means that the businesses of travel agencies who had customers who went to Florida before will have their revenue affected as they cannot continue to get people to purchase their travel packages to the state especially to its costal areas until the problem is solved and it is safe to visit the state again. The travel agents may have to find alternative routes and improve their packages to prevent further lost in revenue. With the lost of so many tourists as indicated in the amount of money lost in tourism because of the disaster, some people who serve in the industry may have to be retrenched as their services may not longer be needed due to the poor turn up of tourists. Airlines and other businesses that normally provide transportation to the affected area will see some drop in sales as well as some people who wish to go such areas may change their minds in terms of travelling. Businesses of seafood restaurants can also be affected because less people will eat at such restaurants because they have to pay more for seafood. The owners of the restaurants have to charge their customers more because of the increase in the prices of seafood due to the decrease in its supply as the result of the disaster.
Robert Young Pelton’s The World’s Most Dangerous Places: 5th Edition
World Travel News – click on the image below for more information.
World Travel News
Robert Young Pelton, a professional adventurer, and his team of international war correspondents have updated this indispensable handbook for the intrepid adventurer–– a “how–to” in getting in and out of the world’s hot spots. We are living in a dangerous world, and now more than ever people want to know what is going on where (and why). Featuring 25 countries, The World’s Most Dangerous Places, 5th Edition offers a brief up–to–the–minute history of each nation, provides tips on how
Robert Young Pelton’s The World’s Most Dangerous Places: 5th Edition
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World Travel Health Alerts – July 27, 2011
World Travel News
We also advise travellers to check their immunisation status for childhood diseases such as whooping cough, diphtheria, mumps, and polio, as part of their pre-travel medical preparations. Heavy seasonal rain is increasing the risk of dengue fever for …
World Travel News question by wakeuphappy: About FOX news from a world traverler?
I just have to say this as an American who loves the U.S. and has traveled the world.We all live under a bubble in this world but when your airplane pops out of the bubble of info into free space you leave all of your countries ideals behind and you begin to realize everything you have ever be taught is based on your countries ideas and beliefs.Saint Augustine said one of the most important things ever said”The world is a book and those who don’t travel only read one page.”If you don’t you just get stuck on page 1 and that is all you ever know and that is dangerous.As I travel the world and see all of the different cultures I see how I was taught to believe America was the greatest place in the world.Well,that is the same propaganda north Korea teaches to its people.I have seen the same mentality in a brainwashed isolated north Koreans as I have seen in a mid western isolated Americans.If I said this to a north Korean they would scream and complain that I am a liar but that is the the same way as our isolated mid westerners or any isolated non traveled American would act.My brother is a history professor who understands everything about history but has always liked to live in the smallest towns.Yeah!He has never traveled and has no idea about the outside world and it hurts me deeply because if I try to talk to him about the American foreign policy even before George Bush he gets mad and I think to myself “Why did you ever study history.” I talked to my friends about this the other day from Sweden,Denmark and Finland and Thailand and they all said to me about their own personal upbringing “Don’t you think we are taught that we are the best country in the world?”Everyone is taught that but we as Americans who use to be the real paradise(outside of nasty slavery)have lost our power as the light in the dark so things have changed.My point is FOX news is our version of U.S.S.R type propaganda.I have had friends from Europe straight out ask me If I trusted in it before they would be my friends.As I watch news around the world talking about all realty and things Americans will almost never see I get sick in my stomach when I click to FOX and their only talking about diets and Paris Hilton.I saw it happen today.WE ARE BEING LIED TO BY FOX NEWS.Plus to all people outside the bubble Bill O’Reilly is considered to be the biggest liar on the planet outside the worst countries and he is.People who believe him are the same as people in north Korea crying and listening to Kim Jong ll just not quite as sick.Listen,this is just a little heads for all of you who have never been outside the bubble.Just like we feel for the isolated north Koreans.Our news is not necessarily true either.But what news is?You just have to travel the world yourself and learn what is real and what is not.I LOVE AMERICA AND I HOPE WE CAN BE THE LIGHT IN THE DARK AGAIN.
World Travel News best answer:
Answer by bgee2001ca
I just hope that many Americans will think about what you have written, and at least think about it before making a rude comment.
I am not an American, and can honestly say without malice that the Writer has hit the nail on the head
I too have traveled, and can testify as to his accuracy.
A wake up call to many, and treasonous drivel to those with closed minds.
Fox news is respected by very few outside the contiguous United States.
