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President, Others Want BP to Create Oil SPill Compensation Fund

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The federal government is pushing BP to insure that the people and businesses impacted by the Deepwater Horizon oil spill are reimbursed for their losses. A variety of officials – including President Obama – are pushing the oil giant to set up a compensation fund for victims of the disaster.

According to the Associated Press, oil workers unable to work because there’s no deepwater drilling, stores without shoppers, hotels without guests, fishermen without clean water to fish, and states without expected revenue, could all benefit from such a fund.

Those who favor such a fund argue that it would provide security for oil spill victims, should BP file for bankruptcy. It could also give the government or its designees, rather than BP, control of distributing relief money, The Wall Street Journal said.

According to the Journal, the President is expected to make the demand in a meeting with BP executives on Wednesday.

In a June 10 letter to BP released on Sunday, Senate Majority Leader Harry Reid (D., Nev.) and other Democrats asked BP to establish a $20 billion account. According to the Journal, the fund would be administered by an independent trustee, and would be used to pay the damages and clean-up costs associated with the spill.

Government officials, including Florida Governor Charlie Crist, from affected states are also urging that BP create such a fund.

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