BP CEO Tony Howard and BP America CEO Lamar McKay meet with President Obama today in a highly anticipated meeting following Obama's Oval Office declaration that BP would be required to pay for the damages their oil spill has caused.
Along with President Obama, and BP CEO's Howard and McKay, the meeting also included BP Chairman Carl-Henric Svanberg, Vice President Joe Biden, Coast Guard Admiral Thad Allen, presidential economic adviser Larry Summers, White House counsel Bob Bauer, BP Managing Director Bob Dudley, and domestic policy advisers Melody Barnes and Carol Browner.
According to a senior administration official, the meeting was scheduled last around 2 hours. Obama planned to inform BP officials that they would need to set aside a multi-billion dollar escrow account to compensate those affected by the oil spill and pay damage claims in the region. The escrow fund would be controlled by an independent third party and not through BP.
BP announced yesterday they had already approved 337 checks for $16 million dollars to businesses that have filed large claims in excess of $5,000. (Speedy claims was said to be a high priority on today's agenda.)
Almost two months after the explosion on the Deepwater Horizon Rig, the oil is still spewing at a rate of almost 60,000 barrels a day. The president also predicted that "in the coming days and weeks," efforts made to contain the spill "should capture up to 90 percent of the oil leaking out of the well."
President Obama said "We will fight this spill with everything we've got for as long as it takes," and vowed on Tuesday to use whatever resources necessary to fight the catastrophic oil spill.
Farris, Riley & Pitt is a personal injury firm in Birmingham, Alabama representing victims involved in auto accidents, insurance fraud, 18-wheeler accidents, overtime claims, and general negligence. If you or someone you know has been affected by the oil spill, contact us today toll free at 1-888-580-5176 or 205-324-1212.
