by David Savage and Richard Fausset
In an effort to seize greater control of the gulf oil catastrophe, President Obama is prepared to compel BP executives to set up a multibillion-dollar escrow account to pay damage claims in the region, a senior White House official said Sunday.
The Obama administration could use its legal authority under the federal oil pollution act -- the landmark legislation passed a year after the 1989 Exxon Valdez spill --- to force BP to set up such a fund to cover damages that are likely to be astronomical and could prove to be a burden even for BP, which posted a $6.1-billion profit last quarter.
"Our mission is to hold them accountable in every appropriate way," Obama advisor David Axelrod said on NBC's "Meet the Press" on Sunday. "He is going to be very clear about what our expectations are in terms of taking care of the people who've been damaged by this crisis."
In a letter to BP Chief Executive Tony Hayward on Sunday, 54 senators, nearly the entire Democratic caucus, called on the company to set aside $20 billion for cleanup and damages, to be administered by an independent trustee.
The push for an escrow account is one of several strategies planned by the administration this week in an apparent effort to rebut mounting criticism from the left and right that Obama has failed to respond to the disaster with sufficient adroitness or passion.
Before meeting with BP executives Wednesday, the president will travel to the gulf on Monday for his fourth visit since the Deepwater Horizon drilling rig exploded April 20, killing 11 men and starting what has become the largest oil spill in U.S. history. On Tuesday night, the president plans to deliver a nationwide address on the spill and the government's response.
Comments
President Obama should be seeking receivership of British Petroleum, North America. Once again, private industry has proven its inability to solve problems, catastrophic problems and it is up our government, to solve this one. British Petroleum has been lying to the American people since they began doing business with America, way back when !! Seize their assets and hold them until they satisfy their obligations to the American people. Nothing less will do, unless you listen to the apologists for British Petroleum and they will tell you, it was President Obama's fault. That is all the Republican-Libertatian-T.Baggers have to offer our nation: Lies and more lies !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, IL | June 14, 2010 9:34 AM
I have no problem with the ideal of an account being set up but, will $20 billion be enough.
Posted by: The_Crooks_In_DC | June 14, 2010 9:54 AM
I heard over the weekend that BP's new plan is to promise to clean up everything and pay everyone's claims, while in reality they're planning to file for bankruptcy to stick the clean-up bills to the American taxpayer. Wouldn't surprise me if they did. I wonder how the Teabaggers will claim this situation is perfectly acceptable under our free enterprise, capitalistic system.
Posted by: BC | June 14, 2010 10:04 AM
Barry would you please get off the party circuit and do something!!!!! I cant believe that only 1.5yrs into BO's presidency and the Bush yrs seem like the good Ol days. Barry is hands down the Worst President Ever!!!!
Posted by: Libtard | June 14, 2010 10:29 AM
Meanwhile in Great Britain, the people who once saw a charming, urbane, statesman-like candidate and President-elect, now see a cynical, opportunistic, populist oaf.
http://www.thedailybeast.com/blogs-and-stories/2010-06-14/obama-stop-the-anti-british-rhetoric-on-bp-and-the-oil-spill/
.
Hey, that's OK...who needs loyal allies anyway?
Posted by: Just sayin' | June 14, 2010 11:26 AM
For the first time in my life I am not proud of my country!!! Thanks Barry now wheres my fist bumb
Posted by: MObamba | June 14, 2010 12:06 PM
For the first time in my life I am not proud of my country!!! Thanks Barry now wheres my fist bumb
Posted by: MObamba | June 14, 2010 12:06 PM
Then leave. And take Retard with you. Move overseas to a real Socialist country. I guarantee you, you will not be missed.
Posted by: Doug R. | June 14, 2010 3:01 PM
would you say that to the first "Lady"? cause she/he/it said the same thing and worse Im sure.
For the first time in my life I am not proud of my country!!! Thanks Barry now wheres my fist bumb
Posted by: MObamba | June 14, 2010 12:06 PM
Then leave. And take Retard with you. Move overseas to a real Socialist country. I guarantee you, you will not be missed.
Posted by: Doug R
Posted by: Libtard | June 14, 2010 4:10 PM
Man, I hope they don't use that same "lock box" that they used for Social Security. We all know how well that worked out.
Posted by: vla | June 14, 2010 8:22 PM