What are the monetary, enviromental, and economic costs of the oil spill?  Who/what is affected by this loss?thanks!!!

Expert Answers
pohnpei397 eNotes educator| Certified Educator

I'm not sure I understand the difference between monetary and economic loss, but here's what I think.

The monetary loss might be the money that is actually lost on having to clean up the spill and that is lost on the oil that does not get sold (that just gets wasted).  BP will have to take most of that loss.

The economic cost could be the impact on all the people on the Gulf Coast whose businesses are affected.  I'm talking about hotels that lose when tourists stay away and fishermen who can't fish.

The environmental cost is in the damage to the ecosystem.  This will be seen in terms of birds and fish and stuff that are killed by the oil -- it will be much worse if a lot of oil makes it to shore.

besure77 eNotes educator| Certified Educator

Economic costs will be incredibly large. Not only are they losing money from the loss of oil itself but they are losing money in the cleanup process as well. They are going to have to pay millions of dollars in cleanup efforts.

Environmentally, the oil spill is and will continue to be devastating for some time. There is going to be a lot of damage to ecosystems in the area of the spill. In addition, the oil that reaches land will cause a great deal of harm to the plants and wildlife there.

Fishermen have also been devastated by this disaster. This oil spill is taking money out of there pockets because they cannot fish in that area, which is very large.