President remarks on meeting with BP - KPLC 7 News, Lake Charles, Louisiana

President remarks on meeting with BP

The following is a statement from the President about today's meeting with BP:

I just concluded a constructive meeting with BP's chairman, Carl-Henric Svanberg. I raised two issues at the meeting. First was the containment of the oil that is still spewing into the Gulf. My administration has directed BP to mobilize additional equipment and technology.  In the coming days and weeks, these efforts should capture up to 90% of the oil leaking out of the well. 

That is still not good enough.  We will continue to press BP and draw on our best minds and resources to capture the rest of the oil until the company finishes drilling a relief well later in the summer that is expected to stop the leak completely. 

I also raised the issue of claims. As I've traveled across the Gulf Coast, I've heard growing frustration over the pace at which claims have been paid. I've also heard concerns about whether BP will make resources available to cover legitimate claims resulting from this disaster.

So, this discussion today was essential. Currently, under federal law, there is a $75 million cap on how much oil companies could under certain circumstances be required to pay for economic damages resulting from spills such as this.

That amount would clearly be insufficient. That is why I am pleased to announce that BP has agreed to set aside $20 billion to pay claims for damages resulting from this spill. This $20 billion amount will provide substantial assurance that the claims people and businesses have will be honored. And it is not a cap. The people of the Gulf have my commitment that BP will meet its obligations to them.

BP has publicly pledged to make good on the claims it owes to people in the Gulf.  And so, the agreement we reached will set up the financial and legal framework in which to do it.

Another important element is that this $20 billion will not be controlled by either BP or by the government. It will be put in an escrow account, administered by an impartial, independent third party. 

If you or your business has suffered an economic loss as a result of this spill, you will be eligible to file a claim for part of this $20 billion. This fund will not supersede individuals' or states' rights to present claims in court. BP will also continue to be liable for the environmental disaster it caused, and we will continue to work to make sure they address it. Additionally, BP voluntarily agreed to establish a $100 million fund to compensate unemployed oil rig workers affected by the closure of other deep water rigs.

We have mutually agreed that Ken Feinberg will run the independent claims process we are putting in place, and there will be a three-person panel to adjudicate claims that are turned down. Every effort will be made to expedite claims. Ken has long experience in such matters, including running the fund that compensated victims of 9/11. And I am confident he will ensure that claims are administered as quickly, fairly, and transparently as possible.

BP's liabilities for this spill are significant. They acknowledge that fact. And we will continue to hold BP and all other responsible parties accountable. I'm absolutely confident BP will be able to meet its obligations to the Gulf Coast and to the American people. BP is a strong and viable company and it is in all our interests that it remains so. This is about accountability.  At the end of the day, that's what every American wants and expects.

The structure we are establishing today is an important step toward making the people of the Gulf Coast whole again, but it will not turn things around overnight. And I want all Americans to know that I will continue to fight each and every day until the oil is contained, until businesses recover, and until the Gulf Coast bounces back from this tragedy – as I know it will. Thank you. 

  • More Local NewsNewsMore>>

  • Petition filed to take control of personal finances from Minaldi

    Petition filed to take control of personal finances from Minaldi

    Thursday, March 30 2017 2:07 AM EDT2017-03-30 06:07:13 GMT
    (SourceKPLC)(SourceKPLC)
    A petition has been filed seeking interdiction of Federal Judge Patricia Minaldi.  If granted, someone else would be appointed to handle her personal affairs. Records in the case have been sealed by Judge Ron Ware - so details on why the petition was filed are not available. However, court records do indicate Minaldi is fighting the interdiction. Minaldi has been away from court on medical leave since January. Copyright 2017 KPLC. All rights reserved. More >>
    A petition has been filed seeking interdiction of Federal Judge Patricia Minaldi.  If granted, someone else would be appointed to handle her personal affairs. Records in the case have been sealed by Judge Ron Ware - so details on why the petition was filed are not available. However, court records do indicate Minaldi is fighting the interdiction. Minaldi has been away from court on medical leave since January. Copyright 2017 KPLC. All rights reserved. More >>
  • How can you prevent trailer theft?

    How can you prevent trailer theft?

    Thursday, March 30 2017 1:59 AM EDT2017-03-30 05:59:10 GMT

    New details emerge about two Vinton high school trailers stolen in broad daylight, Sunday.  Vinton Police Chief Ricky Fox says they have narrowed down the search to a suspect with a long criminal history out of Port Arthur last seen by law enforcement driving the same car as seen in the video. The Vinton band trailer was parked behind the school and the football trailer was parked nearby inside a locked, gated area. Common deterrence methods seem to be falling short as thieves...

    More >>

    New details emerge about two Vinton high school trailers stolen in broad daylight, Sunday.  Vinton Police Chief Ricky Fox says they have narrowed down the search to a suspect with a long criminal history out of Port Arthur last seen by law enforcement driving the same car as seen in the video. The Vinton band trailer was parked behind the school and the football trailer was parked nearby inside a locked, gated area. Common deterrence methods seem to be falling short as thieves...

    More >>
  • LIVE RADAR: Strong to severe storms remain possible for portions of SWLA

    LIVE RADAR: Strong to severe storms remain possible for portions of SWLA

    Thursday, March 30 2017 1:52 AM EDT2017-03-30 05:52:48 GMT
    Storms slowly moving eastStorms slowly moving east

    A Tornado Watch remains in effect for the following parishes: Cameron, Jefferson Davis, and all of Acadiana.   This watch is in effect through 3 a.m. 

    More >>

    A Tornado Watch remains in effect for the following parishes: Cameron, Jefferson Davis, and all of Acadiana.   This watch is in effect through 3 a.m. 

    More >>
Powered by Frankly