Bloomberg reports this morning that BP and the White House have yet to come to an agreement on an escrow account that would help pay for spill cleanup, even as President Obama meets with BP executives this morning in the White House.
In his Oval Office address last night, Obama said he would “inform” BP executives that they must create the account.
“Tomorrow, I will meet with the chairman of BP and inform him that he is to set aside whatever resources are required to compensate the workers and business owners who have been harmed as a result of his company’s recklessness,” he said. “And this fund will not be controlled by BP. … the account must and will be administered by an independent third party.”
The oil company and the Obama administration are still negotiating key terms of the account. They have not agreed on how big it will be, who will administer it, or whether shareholders must approve the transfer of money, according to Bloomberg.
Lawmakers, including Senate Majority Leader Harry Reid, have called for a $20 billion escrow account.
