President Barack Obama address to the nation described the April 20 Deepwater Horizon explosion and fire in the Gulf of Mexico that continues spilling massive oil into the Gulf’s waters. President Obama called the oil spill “the worst environmental disaster in history”.
Obama stated that BP will compensate the local business owners, workers and restoration to coastal marsh lands preventing further oil spreading to Gulf coastal areas and all claims will be paid in a timely manner because of BP’s negligent in the deep water drilling disaster.
The President met with BP. BP agreed to set aside a $20 billion settlement for the victims of the Gulf’s oil spill. BP will pay $5 billion each year for the next four years. But the payment does not stop lawsuits. Punitive damages could hurt BP’s pockets as lawsuits are starting to mount.
Obama also stated that that tougher regulations will be in place before deep water drilling will resume, also calling US Congress to pass energy reform for a cleaner energy economy in an effort to regulate offshore drilling.
The opinion expressed in this commentary article are solely those of Michael Coker