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.
June 17, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
President Barack Obama wrested a $20 billion compensation guarantee and an apology to the nation from British oil giant BP Wednesday, announcing the company would set up a major claims fund for shrimpers, restaurateurs and others whose lives and livelihoods are being wrecked by the oil flooding into the Gulf of Mexico.
Applause broke out during a community meeting in Orange Beach, Ala., on the news.
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