Oil Spill Won't Hurt National Economy: Report

As big as the Gulf of Mexico oil slick is, it won't have a major impact on the national economy, according to a new report by Moody's Economy.com.

The oil spill caused by the explosion of the Deepwater Horizon oil rig last month is hurting businesses in areas of Louisiana, Mississippi, Alabama and Florida -- but those places represent only 1 percent of the gross domestic product and national employment "so broad macroeconomic effects are unlikely, at least in the near term," the report said.

BP, the owner of the oil well where the rig was based, has said it has spent $350 million in cleanup costs so far. Exxon spent a total of roughly 11 times that much on its cleanup of the infamous Exxon Valdez oil spill of 1989.