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Feb 10

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City of Tampa to Seek Damages from BP for 2010 Oil Spill

The city of Tampa, Florida is seeking $50 million in compensation from BP for the 2010 Deep Water Horizon oil spill in the Gulf of Mexico. Although they were not directly affected by the oil contaminate, the city is claiming that the effects on tourism negatively affected its tax revenue. The city alleges that because of the spill, tourism to the region decreased dramatically leading to lost revenue from utilities, licensing, sales tax, and the like. The claim amounts to about one-seventh of its general fund income of $345 million.

About half of this claim is for future lost revenue. The city is saying that annual visitors to Tampa were steered away to an alternate vacation destination during the time of the spill and have decided to change their destination permanently.  City officials in Pensacola and Key West are also seeking damages from BP.

About the author

Richard Russell

Richard is a Consultant at Fulcrum Inquiry, an accounting and economics consulting firm that performs economic damages analysis involving commercial litigation, financial investigations, business valuations, and forensic accounting.

Permanent link to this article: http://betweenthenumbers.net/2013/02/city-of-tampa-to-seek-damages-from-bp-for-2010-oil-spill/

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