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Obama pushes for BP escrow account to pay for oil spill claims

Text by News Wires

Latest update : 2010-06-15

US President Barack Obama called for BP to set up an escrow account to pay for claims related to the massive oil spill while on his fourth visit to the Gulf of Mexico on Monday. Obama will meet with BP chairman Carl-Henric Svanberg on Wednesday.

AFP - US President Barack Obama said he hoped to have an agreement on setting up a BP escrow account for victims of the Gulf of Mexico oil spill by Wednesday.
   
US officials demanded Sunday that BP set up a special fund to pay oil spill claims and let an independent panel oversee the process.
   
Obama said it was too early to announce anything concrete ahead of White House talks with BP chairman Carl-Henric Svanberg on Wednesday.
   
"We have begun preliminary conversations about how to restructure a mechanism so that the legitimate claims that are going to be presented not just tomorrow, not just next week, but over the coming months are dealt with justly, fairly, promptly," Obama told journalists during a visit to Alabama.
   
"My hope is that by the time the chairman and I meet on Wednesday that we've made sufficient progress that we can start actually seeing a structure that would be in place."

Date created : 2010-06-14

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