BP Oil Spill Real Estate Damage Coud Cost $4.3 Billion

bloomberg.com:

June 11 (Bloomberg) -- BP Plc's oil spill may drive down Gulf Coast property values by 10 percent for at least three years, according to a forecast by CoStar Group Inc.

Losses may total $4.3 billion along the 600-mile (966- kilometer) stretch from the Louisiana bayous to Clearwater, Florida, the property-information service estimates.

Read the whole story: bloomberg.com

Comments

[CH0001]

03:17 AM on 06/15/2010

How's that deregulation that you lobbied so hard for, working out for you now, BP?

LOL...

[blueken]

11:22 AM on 06/14/2010

"BP Plc's oil spill may drive down Gulf Coast property values by 10 percent for at least three years" Three years, 10%? That sounds mighty optomistic to me. Who's but do they pull those fugures out of? The oil from the Valdez is still barely underneath the soil in Alaska. Let's face facts, this is epoch. This is wrath of God, bibical destruction. BP doesn't have enough money to fix this and neither does the government. While we are on this topic, how come the other oil rigs in the gulf are not busy drilling relief wells so this doesn't happen again?

[mrJJ]

01:03 PM on 06/13/2010

BP Flacks' Guide: Do Not Promise 'Property, Ecology, Or Anything Else Will Be Restored To Normal'

A sobering tidbit from BP's guide for company spokespeople dealing with oil spills: "No statement shall be made containing ... Promises that property, ecology, or anything else will be restored to normal."

Comes from BP's June 2009 Gulf of Mexico Regional Oil Spill Response Plan, made available by the Minerals Management Service

(the flacks' guide is in Appendix X, page 528).

http://www.talkingpointsmemo.com/news/2010/06/bp_gulf_of_mexico_regional_oil_spill_response_plan.php

..."We will make this right" -- not, say, "we will restore the Gulf to its full former glory."

Here's the full what-not-to-say section of the BP flacks' guide:

No statement shall be made containing any of the following: a) Speculations concerning liability for the spill or its legal consequences. b) Speculations regarding the cause of the spill. An extended inquiry may be needed to determine the actual cause, and legal liability could be affected by what is said. c) Estimates of damage and/or value expressed in dollars, production statistics, sales volume, or insurance coverage. d) Estimates of how long cleanup will take or cleanup costs. e) Promises that property, ecology, or anything else will be restored to normal. f) Do not release the name of injured or dead until next of kin have been notified.

http://tpmmuckraker.talkingpointsmemo.com/2010/06/bp_flacks_guide_do_not_promise_property_ecology_or.php

[nickfromla]

05:19 PM on 06/12/2010

This is a MESS: http://www.frequency.com/video/bp-security/107379

[From the Raft]

02:05 PM on 06/12/2010

BP might want to consider offering Sarah Palin a multi-season contract to walk the Gulf beaches modelling swimsuits from Saks Fifth Avenue and Lord & Taylor.

[anonymousse]

10:11 AM on 06/12/2010

It's all about the Benjamins.

[Richard Benevolus]

01:21 PM on 06/14/2010

hhaaayyyyy

[NewAmericanCenturySucks]

11:37 PM on 06/11/2010

Dear ocean-front landowners,

10% downturn in property values? The horror. Is there anything we can do to help?

Sincerely,
All the dead, suffocating and burnt-alive birds, fish, turtles and dolphins

[blogisti]

06:57 PM on 06/11/2010

This will affect all commercial and private properties from Texas to New York before it is done. The Gulf will be one huge dead zone and the entire south and east coast will be commercially dead.
BP will do a cost benefit analysis and decide to declare bankruptcy. The American people will pay into the the distant future. BP will resurface under a different name and resume its "business".

[humagate]

01:58 PM on 06/11/2010

Meanwhile Landrieu and others keep screaming to keep on drilling in the deep waters because it could cost a few thousand jobs. The entire orientation of mega-corporations, an unregulated capitalistic economy, and corporate-owned pols is on the short-term: big profits, coming elections, sound bytes in the media, etc. The long-term consequences of such policies are, of course, devastating and far more costly (including to the economy and jobs). While we continue to allow individuals with these blinders on, who are addicted to power and money, then we're all screwed. This is NOT a partisan issue! This is an issue of the survival of the planet, ecosystems, species, ways of life, jobs, quality of life, etc. We need to shake this corrupt system its rotten foundation, restore government to "by the people," put corporations in their place, and bring balance to the government/business/NGO/media relationship that is based on constant tension between the components. This creates the checks and balances that help prevent destructive excess and concentrations of power that are bad for all of us.

[From the Raft]

01:59 PM on 06/12/2010

You must understand that Landrieu is like one of those snakes that keep wiggling even after their heads have been cut off.

[Parvaneh Ferhad]

12:43 PM on 06/11/2010

"Only" 10% for three years? I hope they are right on that. It could be much worse.

[Geegs]

12:55 PM on 06/11/2010

Right on! Those of us living in the region who also happen to own a fishing boat are not only concerned about the property values; we now own vessels that are useless and worthless in this area. The impact of BP's negligence and possible criminal acts will impact millions of people for multiple generations.

[davidwayneosedach]

12:32 PM on 06/11/2010

There is enough oil already spilled to cover the entire Eastern US seaboard. BP will not pay for all the damage it has created.

[spinns17]

12:13 PM on 06/11/2010

ok we know .its obamas fault.lol

[Overtone]

12:02 PM on 06/11/2010

COOKING OUR PLANET MAY BE COLLATERAL DAMAGE!

The problem may be much worse than imagined!

The Gulf gusher might have triggered a global cataclysm.

See Life Threatening Danger and Ticking Time Bomb at http://www.aesopinstitute.org

This appears to have the potential to become a worldwide emergency equivalent to war.

If these facts are confirmed, President Obama would be wise to outline a gutsy program that, if there is still time, might avoid a tipping point and the resulting loss of untold millions of lives.

Although little known and less believed, a revolution in energy is being born. It is possible to supersede fossil fuels faster than might be imagined.

See Moving Beyond Oil and Running on Water on the same Aesop Institute website.

BlackLight Power is working with National laboratories and others to validate fractional Hydrogen. This allows a barrel of water to equal 200 barrels of oil. They state prototype generators will be demonstrated this year, which might end dismissal and ridicule from scientists. www.blacklightpower.com

Water as fuel for hybrid cars reflects successful research at a distinguished laboratory 30 years ago. An engine achieved 70% efficiency, an all-time record. We believe they unknowingly produced fractional Hydrogen.

Magnetic generators and room temperature Ultraconductors are also moving toward production. They promise to supersede batteries, the Achilles heel of the electric car.

On a wartime footing, these and similar breakthroughs would be developed and produced on a 24/7 basis. That can be done with accelerated support.

[anonymousse]

11:45 AM on 06/11/2010

Couldn't happen to a nicer bunch of red staters. How's that "drill baby drill" workin' out for ya?

[Geegs]

12:51 PM on 06/11/2010

Be careful of stereotyping! Not everyone located in a "red state" is a conservative, and not everyone has been in favor of drilling in the gulf. Generalizations only make you seem to have a very narrow focus!

[humagate]

02:03 PM on 06/11/2010

Remember that there are a lot of good people in red states (and Florida did vote for Obama) who have to fight a bigger tide than we do in blue states. Of course, the oil spill doesn't recognize boundaries and we're all going to suffer consequences from it. We all live on the same planet and that planet is one of ecosystems and not our ridiculous fencelines.

[Strywever]

11:39 AM on 06/11/2010

Info about local BP Protest Day events, Saturday, June 12, here: http://www.facebook.com/group.php?gid=122189197821968&ref=ts