BP's $20 Billion Fund Won't Even Cover Tourism

It's beginning to look more and more like BP's $20 billion liability fund is a victory for the oil company. A new report indicates that damage to the Gulf travel industry alone could exceed that sum, with a loss of $22.7 billion. The spill also could wipe out 400,000 tourism-related jobs in the region. Although such projections make a lot of assumptions, Politico reports that the Gulf's travel industry is already beginning to feel the effect of the spill, according to Oxford Economics USA managing director Adam Sacks:

"If you go across cities along the Gulf Coast, the declines in interest, in the first 20 days of May, there were already double-digit declines," Sacks said on a conference call. "The real wild card is people's perceptions."

Read the full story at Politico.