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The Obama administration and British Petroleum (BP) have furthered negotiations for a cleanup and compensation fund for the oil spill that devastated the Gulf of Mexico.
BP, taking full responsibility for the massive oil spill, has agreed to establish a $20 billion escrow fund to cover financial damages incurred by local businesses and residents due to the disaster, and to put towards cleanup efforts. The oil giant has already put $3 billion into the account, according to the Wall Street Journal.
The remaining $17 billion will come from revenue generated in BP's ongoing Gulf operations, as well as asset sales, the reports the news source. However, a meeting with new BP CEO Robert Dudley, White House Chief of Staff Rahm Emanuel and White House Energy and Climate Change Advisor Carol Browner brought about the government's need for collateral from the oil giant in the event that BP does not follow through with its contributions to the fund, which some consider to be a controversial deal for the administration to make, according to the Journal.
Lawmakers in Washington, D.C. are trying to ban BP from the Gulf, and the deal being negotiated with the Obama administration could be a borderline partnership.
The Gulf represents 10 percent of BP's oil and gas production, and the revenue from its 89 wells would go directly into the escrow fund.
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