[ Video Courtesy of NTDTV ]
President Barack Obama spoke on BP Plc’s agreement to compensate the claimants affected by the oil spill with a sum of $20 billion after a meeting with BP’s chairman, Carl-Henric Svanberg, Wednesday.
“So what this is about is accountability. At the end of the day, that’s what every American wants and expects,” said Obama while promising to hold BP accountable for the disaster. BP will also take initiative to pay $100 million to the rig workers who lost their jobs due to deepwater rig closures.
The account with the funds will be administered by a third party and all the submitted claims will be processed “quickly, fairly, and transparently.”
In Louisiana, as the economy was only starting to recover from hurricanes Rita and Katrina, locals tried to get back on track, thus the damage cause by the oil spill could not have come “at the worst possible time,” Obama said.
Efforts to contain oil in the Gulf of Mexico is continuing. The current technology being used should be able to capture 90 percent of leaking oil in the coming days. The complete capping of the pipe will likely come in late summer.
According to reports, BP is already subject to more than 200 lawsuits from U.S. states, businesses, and individuals for lost revenues and damages.
“So what this is about is accountability. At the end of the day, that’s what every American wants and expects,” said Obama while promising to hold BP accountable for the disaster. BP will also take initiative to pay $100 million to the rig workers who lost their jobs due to deepwater rig closures.
The account with the funds will be administered by a third party and all the submitted claims will be processed “quickly, fairly, and transparently.”
In Louisiana, as the economy was only starting to recover from hurricanes Rita and Katrina, locals tried to get back on track, thus the damage cause by the oil spill could not have come “at the worst possible time,” Obama said.
Efforts to contain oil in the Gulf of Mexico is continuing. The current technology being used should be able to capture 90 percent of leaking oil in the coming days. The complete capping of the pipe will likely come in late summer.
According to reports, BP is already subject to more than 200 lawsuits from U.S. states, businesses, and individuals for lost revenues and damages.
