President Barack Obama wrested a $20 billion compensation guarantee and an apology to the nation from British oil giant BP on Wednesday, announcing the company would set up a claims fund for shrimpers, restaurateurs and others whose lives and livelihoods are being wrecked by oil flooding into the Gulf of Mexico. Resolving one particularly thorny dispute, BP will also establish a separate $100 million fund to support oil rig workers idled by Obama's post-spill six-month moratorium on new deep-sea oil drilling.
BP Says It's Sorry -- and Guarantees $20 Billion for Gulf
The Associated Press
June 17, 2010