W.House confident BP will set up big escrow account

By Steve Holland

ABOARD AIR FORCE ONE (BestGrowthStock) – The White House is confident BP Plc will agree to set up a multibillion-dollar escrow account to pay mounting claims relating to the Gulf of Mexico oil spill, a spokesman said on Monday.

“We feel confident that this is going to be able to move forward,” White House spokesman Bill Burton told reporters traveling with President Barack Obama for a two-day visit to the Gulf region.

He declined to comment specifically on the size of the account beyond saying that it would be in the billions of dollars to ensure “everyone affected by this is made whole,” he said.

“We will work with BP to make a determination,” Burton said.

Obama is making an address to the nation on Tuesday about the spill, in which he will discuss issues including worker safety and food safety in the Gulf. He decided to make his first nationally televised speech from the Oval Office to “make sure the American people know we’re doing everything we can.”

The Obama administration expects a “very frank” meeting between the president and BP officials on Wednesday about paying damage claims and the oil recovery, Burton said.

U.S. Coast Guard Admiral Thad Allen told reporters the United States expects BP will be able to recover 28,000 barrels of spilled oil per day by the end of this week.

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(Writing by Patricia Zengerle, editing by Jackie Frank)

W.House confident BP will set up big escrow account