Obama wants BP to establish spill escrow account [View All]

[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