BP (NYSE:BP) and Louisiana have reached an agreement for the oil giant to pay $218 million to the state for a variety of consequences related to the Gulf oil spill.
Among the uses the money will be put toward will be the ongoing testing of seafood, tourism, and the restoration of the Louisiana coast.
More than half of the money will be used to help restore the Louisiana coastline, with $140 targeted toward that project. Included in the restoration will be the barrier islands.
For the tourism industry, using funds to market the Gulf region has proven successful in Florida, and should work well for Louisiana too.
While extensive testing on seafood has shown the resource is completely clean from oil and corexit, ongoing tests will reinforce that and hopefully cause people to have confidence in the resource.
The seafood program will receive $48 million and the state Department of Culture, Recreation and Tourism the remaining $30 million.
Showing posts with label Louisiana Seafood. Show all posts
Showing posts with label Louisiana Seafood. Show all posts
Tuesday, November 2, 2010
Wednesday, October 20, 2010
Gulf Tourism Rebounds after BP (NYSE:BP) Oil Spill
Contrary to some presumptive media reports, many areas in the Gulf region didn't suffer a tourism disaster as a result of the Gulf of Mexico oil spill, in some cases because of marketing money provided by BP (NYSE:BP), as in Florida, tourism was up.
One of the major attractions in the region, New Orleans, said they had their best year since Katrina.
When asked about areas in Florida, reports the St. Petersburg Times said a number of respondents believed the beaches were still stained by oil, when in many cases no oil came anywhere near them.
The conclusion by some was they would probably go somewhere else for their next vacation. But April and June, across the overall state, Florida tourism was up by 3.4 percent.
There will always be mixed responses like this concerning disasters, but the reality is many areas are doing very well, no matter what responses are, and it remains to be seen if people even think much about BP and oil when making vacation plans next year.
One of the major attractions in the region, New Orleans, said they had their best year since Katrina.
When asked about areas in Florida, reports the St. Petersburg Times said a number of respondents believed the beaches were still stained by oil, when in many cases no oil came anywhere near them.
The conclusion by some was they would probably go somewhere else for their next vacation. But April and June, across the overall state, Florida tourism was up by 3.4 percent.
There will always be mixed responses like this concerning disasters, but the reality is many areas are doing very well, no matter what responses are, and it remains to be seen if people even think much about BP and oil when making vacation plans next year.
Monday, October 18, 2010
BP (NYSE:BP) Cost to Louisiana Fishing Industry Could Reach $172 Million
A report released Friday, from a study commissioned by Greater New Orleans Inc., a regional economic development agency, concluded in the short term the gross revenue loss to the Louisiana fishing industry from the BP (NYSE:BP) oil spill could range from $115 million to $172 million.
Conducting the study was consulting firm IEM and Headwater Capital Consulting.
The parameters of the study were only on the short-term impact on the industry from the Gulf accident.
Two more studies have been commissioned which will focus on how the oil moratorium by the Obama administration affected the region, and a final study on how Louisiana as a brand was affected.
Loss of revenue shown above was for the years 2011-2013 in relationship to commercial fisheries. It targeted seven important marine species, including oysters, crab and shrimp.
Jobs lost from the oil spill are the equivalent of 2,650 to 3,975 full time jobs, said the study, and an earnings loss from $68 million to $103 million. Some of that was mitigated by the infusion of cash by BP into the industry.
Conducting the study was consulting firm IEM and Headwater Capital Consulting.
The parameters of the study were only on the short-term impact on the industry from the Gulf accident.
Two more studies have been commissioned which will focus on how the oil moratorium by the Obama administration affected the region, and a final study on how Louisiana as a brand was affected.
Loss of revenue shown above was for the years 2011-2013 in relationship to commercial fisheries. It targeted seven important marine species, including oysters, crab and shrimp.
Jobs lost from the oil spill are the equivalent of 2,650 to 3,975 full time jobs, said the study, and an earnings loss from $68 million to $103 million. Some of that was mitigated by the infusion of cash by BP into the industry.
Monday, October 4, 2010
BP (NYSE:BP) Cooperation Slowing Says Louisiana
According to Louisiana officials BP (NYSE:BP) isn't cooperating as much because the media spotlight is no longer on them as it was.
Noted particularly was the grant from BP that is currently being negotiated over the inspection and monitoring of seafood.
Louisiana Commissioner of Administration Paul Rainwater told the Senate Finance Committee, "There's a lot of frustration on our part that we're not getting the answers that we need."
Requests for a whopping $450 million for the program over a 10-year period were initiated by Louisiana,
Negotiations brought that down to a still significant $173 million. Deputy Commissioner of Administration Mark Brady was annoyed because BP now wants to apply the money on a regional basis rather than solely to Louisiana.
While politicians are asserting this is because of the lack of media attention, more than likely it's more their outrageous money demands which simply can't be met.
BP has already paid Louisiana hundreds of millions in response to the oil spill, and will pay millions more. They've said from the beginning they would pay for any legitimate claims against them; for individuals, corporations, and governments.
The problem with governments is their predatory thinking in terms of taxation and debt-spending. Some, like Louisiana, are acting like BP is the federal government or central bank, which they can arbitrarily get funding from.
All this is about is anger over not getting their own way, and Louisiana has emerged as the whiniest among the states seeking funding.
It seems they have learned this from the Katrina days, and are continuing on with that mentality and practice.
Noted particularly was the grant from BP that is currently being negotiated over the inspection and monitoring of seafood.
Louisiana Commissioner of Administration Paul Rainwater told the Senate Finance Committee, "There's a lot of frustration on our part that we're not getting the answers that we need."
Requests for a whopping $450 million for the program over a 10-year period were initiated by Louisiana,
Negotiations brought that down to a still significant $173 million. Deputy Commissioner of Administration Mark Brady was annoyed because BP now wants to apply the money on a regional basis rather than solely to Louisiana.
While politicians are asserting this is because of the lack of media attention, more than likely it's more their outrageous money demands which simply can't be met.
BP has already paid Louisiana hundreds of millions in response to the oil spill, and will pay millions more. They've said from the beginning they would pay for any legitimate claims against them; for individuals, corporations, and governments.
The problem with governments is their predatory thinking in terms of taxation and debt-spending. Some, like Louisiana, are acting like BP is the federal government or central bank, which they can arbitrarily get funding from.
All this is about is anger over not getting their own way, and Louisiana has emerged as the whiniest among the states seeking funding.
It seems they have learned this from the Katrina days, and are continuing on with that mentality and practice.
Thursday, September 16, 2010
Louisiana Wants Another $75 Million from BP (NYSE:BP)
BP (NYSE:BP) is being asked to pay another $75 million from Louisiana for their tourism industry. BP has already paid out $15 billion to that end.
Louisiana Lt. Gov. Scott Angelle wrote in a letter to BP's general manager of governmental and public affairs, Larry Thomas, saying after a perception study, it was found that the state was still being "constrained by negative national perception."
The perception he was talking about was in relationship to tourism and seafood from the state as it is allegedly perceived to be affected by the oil spill in the Gulf.
Angelle claims the two brands are "inextricably linked," and so both need to be mitigated.
These so-called negative perceptions need to more money to battle, according to Angelle.
Louisiana Lt. Gov. Scott Angelle wrote in a letter to BP's general manager of governmental and public affairs, Larry Thomas, saying after a perception study, it was found that the state was still being "constrained by negative national perception."
The perception he was talking about was in relationship to tourism and seafood from the state as it is allegedly perceived to be affected by the oil spill in the Gulf.
Angelle claims the two brands are "inextricably linked," and so both need to be mitigated.
These so-called negative perceptions need to more money to battle, according to Angelle.
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