Assignment

Given your topic, write a 2 page (maximum) research brief for your research project. The research should include the following components:

1. Problem statement (thesis statement): a brief summary of the environmental/natural resource issue and why it is important.

1. Identify the market failure at hand
2. Identify how this market failure is being addressed
3. Identify who has standing (the population impacted by this issue)
2. Preliminary analysis:

1. If it is a policy, discuss the background and the current state of the policy including the pros and cons.

2. If there is no current regulation, discuss why that may be the case and potential for future governmental intervention or the need to avoid government intervention.

• Describe the deliverables of this project: how will you present the relevant information

1. Discuss how you will inform the audience about the topic either via a presentation, art project or poster

2. Discuss the relevant economic theory you will be applying in your project and any data you may be collecting for application

Be sure to consult the rubric regarding required components. Be sure to collect data from at least three outside credible sources, use in-text citations and include a bibliography with all sources (separate from the two page requirement). Times New Roman, 12 point font, double spaced is preferred.

Research Brief Paper

British Petroleum Oil Spil

1. The Deepwater Horizon oil spill also referred as the BP oil spill, is a massive industrial disaster that happened on April 20, 2010,located in the Gulf of Mexico on the BP-operated Macondo Prospect. The BP oil spill is considered the single most catastrophic marine oil spill in the history of the petroleum industry; furthermore, the US government estimated the total discharge at 4.9 million barrels. In the aftermath of the event 11 people died.

A) The market failure will be due to a negative externality. The Deepwater Horizon a ten year old semi-submersible, mobile, floating, strategical positioned drilling rig exploded causing major contamination of the ocean and millions of dollars in damage.

B) After BP executives met with President Obama, British Petroleum announced and effectively immediately startedthe Gulf Coast Claims Facility. The GCCF is a $20 billion fund created in order to settle claims arising from the Deepwater Horizon spill. In addition, this fund was set aside for natural resources damages , state and local response costs, and individual compensation.

C) Gulf of Mexico.

2.

B) There are a number of regulations concerning the extraction of oil on international water, but since the BP oil spill was an accident no regulation could have prevent it; However, a disaster fund was created after the oil spill to help clean up the ocean. Government could force companies to increase the number of machinery checkups in order to prevent malfunctions, and limit the amount of oil that a drill can extract in a given time.

3.

A) I will be informing the audience via research paper.

B) I will be collecting data from the countries affected by the oil spill as well as theinformation provided by governments, environmental organizations and BP.