Opposite the coastline lies Whiddy Island. The remains of what was formerly an important oil terminal, owned by Gulf Oil, are on the island. On 8 January 1979 the oil tanker Betelgeuse exploded, killing all 42 crew members, as well as seven employees at the terminal. The jetty was seriously damaged at the terminal, but fortunately the storage tanks were not affected. Nevertheless, 250 employees at the terminal, one of the largest employers in the region, lost their jobs. There was significant environmental impact, and so the local fishing industry was also affected. Some small tankers offload oil to the area, but no longer moor by the old oil terminal.
Wolfe Tone Square in the town commemorates Theobald Wolfe Tone, an Irishman who attempted to precipitate a French invasion of Ireland to overthrow the British (See 1798 rebellion). Bantry House, home since 1739 to the White family, the former Earl of Bantry, is located south of the town.