Obama wants BP to establish spill escrow account

[Jeffersons Ghost]

Obama wants BP to establish spill escrow account

Louisiana (Reuters) - President Barack Obama will press BP executives this week to set up an escrow account to pay damage claims by individuals and businesses hurt by the Gulf of Mexico oil spill disaster.

The move comes as Obama, who will address the nation about the spill on Tuesday night, faces questions on his handling of the disaster, which has now dragged on for 55 days. Millions of gallons of oil have poured into the Gulf since an April 20 offshore rig blast killed 11 workers and blew out the BP well.

A U.S. official told Reuters on Sunday that Obama also will call for an independent panel to administer the payments when he meets Chairman Carl-Henric Svanberg and other BP officials at the White House on Wednesday.

http://www.reuters.com/article/idUSTRE6573FD20100613

[lillypaddle]

1. Good idea.

[Jeffersons Ghost]

2. yes, before they declare bankruptcy.. do oil execs get bonuses for bankruptcy?

[Jeffersons Ghost]

3. finally a little good news from the gulf

[LeftishBrit]

4. Hope that happens!

[Jeffersons Ghost]

11. it will. i'd bet on it

[Dappleganger]

5. Thom Hartmann said they should have been made to put up a huge bond before drilling

Personally, I'd like to see a disaster fund set up by all the oil companies with regular payments made on a quarterly basis, along with an additional gas tax to supplement.

[Jeffersons Ghost]

6. I'm shocked they don't put up a bond

[Laelth]

7. Wants them? Will press them?

The man is the President of the United States. He'd better force them or nationalize them or we'll never see payment from BP anywhere close to the amount of damage that has been done.

Obama is too nice.

:dem:

-Laelth

[Jeffersons Ghost]

8. I was one of his most ardent supporters before the spill

[Jeffersons Ghost]

9. Obama steps up the rhetoric in this article:

WASHINGTON — President Obama for the first time will address the nation about the ongoing oil disaster in the Gulf of Mexico on Tuesday night and outline his plans to legally force BP executives to create an escrow account reserving billions of dollars to compensate businesses and individuals if the company does not do so on its own, a senior administration official said on Sunday.

“The president will use his legal authority to compel them,” said Robert Gibbs, the White House spokesman.

http://www.nytimes.com/2010/06/14/us/14spill.html?hp

[boston bean]

12. I'm glad this is happening, as many have said from the start .....

that Obama is the president of the united states and he can pull the levers of power if he wants to.

I do wonder, however, what this will do to the argument that Obama can't make BP do shit.

[NNN0LHI]

10. Halliburton should do the same