On april 20, 2010 an oil drilling platform owned by British Petroleum exploded i

Question

On april 20, 2010 an oil drilling platform owned by British Petroleum exploded in the Gulf of Mexico, causing oil to leak into the gulf at estimates od 1.5 to 2.5 million gallons per day for well over two months. Due to oil spill, the government closed over 25 percent of federal waters, which has devastated the commercial fishing industry in the are. Explain how the reduction in supply from the reduced fishing waters will either increase or decrease consumer surplus and producer surplus, and show these changes graphically.

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