THE IMPACT OF OIL SPILLS ON THE ECONOMY AND THE ENVIRONMENT

Abstract

This paper critically assesses the multifaceted consequences of oil spills, particularly emphasizing their ramifications on the environment and the economy. With globalization intensifying reliance on maritime transport—accounting for nearly 90% of global trade—the potential for oil spills and their subsequent repercussions have become an alarming concern. Such spills can inflict enduring damage on marine ecosystems and lead to substantial economic setbacks in industries like fishing, tourism, and maritime operations. The enormity of the challenge extends beyond immediate environmental and economic impacts; it necessitates an interdisciplinary comprehension spanning environmental science, economics, legislation, and technology. Furthermore, oil spills underscore the need for international collaboration, as their consequences can breach national boundaries. This systematic literature review methodically analyzes existing research on the topic, employing databases like PubMed, Scopus, ScienceDirect, and Google Scholar. Through a rigorous filtering process, the review synthesizes empirical studies, theoretical analyses, government reports, and field assessments. The endeavor is to delineate prevailing themes, methodologies, conclusions, and lacunae in the extant literature, aiming to bridge the gap between economic growth imperatives and environmental sustainability challenges.

JEL: Q53, Q57, L91, Q35, F18, Q58, O13, Q22

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