06/16/2010 // Washington, D.C., US // TiffNews10 // News Desk
Washington – President Barack Obama has announced that BP has reached an agreement for the creation of a compensation fund for those impacted by the massive oil spill in the Gulf of Mexico. As reported by the Associated Press (AP), the company agreed to establish a $20 billion fund as well as an additional $100 million fund for oil rig workers laid off due to the moratorium placed on deepwater drilling.
Obama is quoted by the AP as stating of the agreement, “The structure we are establishing today is an important step toward making the people of the Gulf Coast whole again, but it will not turn things around overnight.”
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