Published June 18, 2010 16:49
Partners Stephen Herman and Steve Lane, who serve as the City Council's Legal Counsel, appeared before the Council to make a presentation on actions that the City may take to recoup monies from the Deepwater Horizon oil spill. The City may be able to recoup monies through the Oil Pollution Act of 1990 and/or through an escrow account of $20 billion created by President Obama and BP yesterday, which covers claims associated with the oil spill disaster.
The presentation also included detailed information on the various industries that are "at risk" as a result of the oil spill, including tourism, convention business, hotels and restaurants, oil exploration and production, recreational fishing and more. Additionally, the presentation outlined potential secondary and long-term effects the oil spill may have on the New Orleans community including: increased unemployment rates, decreased consumer spending, lower property values, higher demands for public services, and decreases in sales tax revenue, hotel occupancy and New Orleans airport revenue.