The White House announced earlier morning that President Obama will address the nation from the Oval Office on Tuesday night about Oilmageddon--and lay down the law to BP. Apparently Obama wants BP to set asidesignificant funds to compensate victims of the spill.
President Obama for the first time will address the nation about the ongoing oil disaster in the Gulf of Mexico on Tuesday night and outline his plans to legally force BP executives to create an escrow account reserving billions of dollars to compensate businesses and individuals if the company does not do so on its own, a senior administration official said on Sunday.
"The president will use his legal authority to compel them," said Robert Gibbs, the White House spokesman.
Late Friday, BP announced it plans to set up an escrow account--but apparently the amount it planned to set aside wasn't enough to satisfy Obama. The White House plan will not only require BP to set aside significant funds, but will be administered by a third party to keep BP from shortchanging people entitled to compensation.
This address is likely going to be the biggest salvo in what will be a very long week for BP's brass. CEO Tony Hayward is due to testify before a congressional panel on Tuesday, only hours before Obama's address. On Wednesday, he and board chairman Carl-Henric Svanberg will meet with Obama at the White House.