Full Text: BP Press Release on $20 Billion Gulf Escrow Fund and Dividend Suspension
Source: BP
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.
Not Quite the ‘Apollo Program’ for the Energy Future
The first half of President Barack Obama’s first Oval Office address was as it should have been: holding BP accountable for the devastation to our Gulf Coast and outlining in broad terms what the government is going to do to ensure people and the environment are made whole.
The second half of the speech was unnecessary at the moment and came across as political opportunism.
I don’t doubt for one second that Obama believes it when he says this country is addicted to oil and that energy independence and a clean energy future are strategically – perhaps existentially – critical goals for the United States.
I don’t think tonight was the time because now is the time for the nation to be laser-focused on our neighbors’ travails on the Gulf Coast. Everyone knows that the Obama Administration’s commitment to clean energy and a green economy is only rivaled by its commitment to health care reform. It wasn’t necessary tonight to take the focus off of the immediate task, even for the eight minutes or so the president discussed national energy policy. And, that energy policy is a politically divisive topic as it is currently framed. Evil, multi-national oil companies and terrorists on one side vs. Smart Car drivin’, Birkenstock wearin’ idealists on the other. It’s just not fair to the people of Louisiana, Alabama and Mississippi to have to share their moment with the Cap and Trade debate.
Finally, this:
Now is the moment for this generation to embark on a national mission to unleash American innovation and seize control of our own destiny.
I can’t tell you how long I’ve waited for a president of the United States of America to utter words to that effect regarding energy policy in this country. Tonight, though, they rang hollow. I’m watching this live feed of black and brown shit jetting, pouring into the Gulf of Mexico at the revised-again rate of 65-100 thousand barrels per day. Anderson Cooper is on TV with not just oil-slicked birds, but the eggs of brown pelicans – recently stepped on by “BP cleanup workers.” Keith Olbermann actually screamed “Goddammit” last night on Countdown. (That was actually about something else.) One crisis at a time, please!
Video: President Obama Oval Office Speech on BP Oil Spill & Gulf Cleanup
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Transcript: Obama Oval Office Speech on Gulf Oil Spill
Source: White House Press Office
Good evening. As we speak, our nation faces a multitude of challenges. At home, our top priority is to recover and rebuild from a recession that has touched the lives of nearly every American. Abroad, our brave men and women in uniform are taking the fight to al Qaeda wherever it exists. And tonight, I’ve returned from a trip to the Gulf Coast to speak with you about the battle we’re waging against an oil spill that is assaulting our shores and our citizens.
Nice: And now for the BP Fire …
Siphoning of the oil from the BP oil spill was suspended for at least a time today when there was a fire on the derrick of the ship collecting the black gold. See story at MarketWatch.
Daily Graphic: BP Oil Spill Tracker from NYT
Click the map to go to the New York Times site and use the oil spill tracker.
As usual, the New York Times’ interactive maps rule. You can visit the Times’ oil spill tracking map here. Check out the “play” feature at the upper left portion of the map to see the oil spill grow and move over time.
There are also tabs at the top of the map to change the data shown. For instance, you can see a plot of the effects of the spill on wildlife.
Daily Graphic: Cute Turtle on Federal Oil Spill Response Site Pisses Me Off
This cute turtle is the federal government's representation of how wildlife in the Gulf are being affected by BP's oil spill. PR or Reality?
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.
