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Obama Wants BP To Set Up Escrow Account

06/14/2010 9:40 am 0 comments

Source: AP / MSNBC

President Barack Obama will demand that BP create a special account with “substantial” reserves to pay Gulf oil claims and is readying aid packages for the region, his top political adviser said Sunday.

Obama, set to visit the Gulf Coast on Monday and Tuesday, also plans an Oval Office address Tuesday night after his return to Washington. He meets at the White House with BP executives, including the oil company’s chairman, on Wednesday.

“This is an ongoing crisis, much like an epidemic,” David Axelrod told NBC’s “Meet the Press.”

BP’s board was to meet on Monday to discuss deferring its second-quarter dividend and putting the money into escrow until the company’s liabilities from the spill are known.

To read this article in its entirety visit MSNBC.

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