In an event which might cost BP, a few billion dollars, President Obama is expected to address the nation on the Gulf oil disaster on Tuesday. Obama is expected to make announcements on the future approach of the government on the issue.
White house adviser David Axelrod commented, “He (President Obama) wants to lay out the steps we’re going to take from here to get through this crisis”. President Obama has already stated the Gulf Oil leak, as a National Disaster and has even announced a six-month moratorium on the further off-shore oil drills. It has been more than 48days since the disaster struck, and has been continuously leaking 20,000 to 40,000 barrels of oil per day. The number though still continues to be debated. All the attempts to block the leak have been proven unsuccessful, and it might take few more months, until the leaking oil is brought under control.
Obama is expected to visit the Gulf region again for the fourth time on 14th June to assess the damages personally and as well as to speak to the BP Executives, just a day before he addresses the nation. BP officials have also called for an emergency meeting of its top executives to discuss on various issues including compensation and others. The President is expected to make announcements, which will make BP liable for all the damages that the disaster has caused. Mr. Obama is also expected to compel the company to create a separate fund which might run into Billions of dollars, to compensate for the businesses and individuals affected by the disaster. The fund might also reserve finances to compensate for the environment damages caused by the Gulf-spill. He is also expected to follow up with stringent regulations for all future off-shore drills, which might be seen negatively by the oil industry as a whole.
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