A leading House Republican accused the White
House Thursday of a "$20 billion shakedown" of oil giant BP by
requiring the company to establish a huge fund to compensate those
hurt by the Gulf Coast oil spill.
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A day after agreeing to a $20 billion fund to
compensate victims of the disastrous oil spill in the Gulf of
Mexico, BP's chief executive expects to tell Congress that he was
"personally devastated" by the explosion of the Deepwater Horizon
oil rig and understands the anger that Americans feel toward him
and his company.
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Weeks after the Deepwater Horizon offshore drilling rig exploded, killing 11 and injuring dozens, oil from BP's underwater well continues to spew into the Gulf of Mexico. A moratorium has been placed on offshore drilling by the federal government, and President Obama spoke from the Oval Office promising to repair the damaged coast and punish those responsible for what is now considered the largest offshore drilling spill in U.S. history.
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Fresh from admonishing BP before the world,
President Barack Obama now gets his moment with the oil company's
leaders. It will be on his turf and, he vowed to an angry nation,
on his terms.
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President Barack Obama has signed into law a
bill that makes more money available to the Coast Guard to pay for
its response to the oil spill in the Gulf of Mexico.
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