Presentation
Cost of oil spills. A review of international cost data and the factors affecting the costs of oil spills from ships.
SessionSpill Funding
DescriptionOil spills pose significant ecological, social, and economic consequences. As a result, the response to a spill and the effects of pollution damage can give rise potentially to high costs. The financial risk of an oil spill is consequently of immense interest to policy makers and the organisations involved in funding and providing compensation.
This paper aims to examine the various factors affecting the cost of ship-source oil spills, considering the aspects contributing to the overall cost of an incident. The analysis is divided into four sections: introduction, review of available cost data, the factors affecting spills costs and a conclusion. For the introduction, the paper will provide a brief overview of the nature of oil spills from a financial point of view and the importance of understanding their costs. A review of publicly available data on the costs of past oil spills will be analysed, adjusting for a common currency and historical inflation. This will delve into the complexities of calculating the financial consequences of oil spills, drawing on case studies to illustrate the varying costs associated with different incidents.
The diverse factors influencing the cost of oil spills will be considered, including spill size and location, response and containment measures, environmental and ecological damage, socio-economic implications, legal and regulatory consequences, and considering the point of view of the enquirer. Finally, the conclusion will summarise the main findings of the paper, highlighting the need for a comprehensive understanding of the factors contributing to the cost of oil spills in relation to the international compensation conventions and national law, emphasising the difficulties in predicting figures and anticipating financial risk.
This paper aims to examine the various factors affecting the cost of ship-source oil spills, considering the aspects contributing to the overall cost of an incident. The analysis is divided into four sections: introduction, review of available cost data, the factors affecting spills costs and a conclusion. For the introduction, the paper will provide a brief overview of the nature of oil spills from a financial point of view and the importance of understanding their costs. A review of publicly available data on the costs of past oil spills will be analysed, adjusting for a common currency and historical inflation. This will delve into the complexities of calculating the financial consequences of oil spills, drawing on case studies to illustrate the varying costs associated with different incidents.
The diverse factors influencing the cost of oil spills will be considered, including spill size and location, response and containment measures, environmental and ecological damage, socio-economic implications, legal and regulatory consequences, and considering the point of view of the enquirer. Finally, the conclusion will summarise the main findings of the paper, highlighting the need for a comprehensive understanding of the factors contributing to the cost of oil spills in relation to the international compensation conventions and national law, emphasising the difficulties in predicting figures and anticipating financial risk.
Event Type
Paper
TimeWednesday, May 15th1:30pm - 1:50pm CDT
Location278-280
Restoration