Obama Gets 20 Billion from BP

Obama gets 20 billion from British Petroleum to pay for damages upfront but this can only be considered a down payment on cleaning up the Gulf, paying the US government for cleanup and for lost income to the economy and fishing industry of the Gulf for 4 US states.

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The news today from the Whitehouse where President Obama met with the Chairman of British Petroleum who agreed to pay up 20 billion dollars in an escrow account managed not by the US government or BP Oil.  The Chairman Karl Hendric Svenberg also agreed not to pay dividends to shareholders this year only.

BP Oil CEO Tony Hayward

This 20 billion dollar account is supposedly to increase the speed at which BP repays the damages to people’s income especially the fishing and tourism industries of four US States including the gulf coastal areas of Florida.  Already tourists have canceled reservations in hotels and businesses have noticed a drop in revenues from the tourist industry.

The Obama administration has been feeling the heat of not doing enough to stop the oil spill and by not pressing BP to clean up the gulf.  Today after much of BP’s efforts to hide the amount of oil being spilled independent scientists have indicated that as much as 60,000 barrels of oil is being spilled into the Gulf each and every day for 56 days to-date.

Tags: BP Oil Puts up 50 Billion down payment, BP escrows 20 billion dollars, Obama and BP meeting, Gulf oil spill, spill estimates, World News-Politicol News, Gulf oil disaster.