Release date: 16 June 2010
Following a meeting with the President of the United States, the BP Board announces an agreed package of measures to meet its obligations as a responsible party arising from the Deepwater Horizon spill.
Agreement was reached to create a $20bn claims fund over the next three and a half years on the following basis:
BP will initially make payments of $3bn in Q3 of 2010 and $2bn in Q4 of 2010. These will be followed by a payment of $1.25bn per quarter until a total of $20bn has been paid in.
While the fund is building, BP’s commitments will be assured by the setting aside of U.S. assets with a value of $20bn. The intention is that this level of assets will decline as cash contributions are made to the fund.
If you’re looking for a lot of information on the BP oil spill and what the government is doing, this site has its pluses and minuses. For instance, you can find the disposition of some U.S. Coast Guard assets and transcripts of media briefings. On the minus side, when you click the link for Oiled Wildlife, you’re taken to a page with no pictures or statistics of the devastation, but there is a phone number to call if you encounter an oiled bird or other animal. Even more manipulative than the dearth of information on oiled wildlife is the cute picture of a pristine, baby sea turtle on the homepage of this PR-driven site.
One way to kick someone’s ass over this tragedy would be to put the whole truth out there for the American people. Federal government fails with this site. It’s so benign it’s ludicrous.