Just a couple of random BP-related thoughts this morning:
- President Obama isn’t getting much love for his speech from the Oval Office on Tuesday, with pundits from both the left and the right saying the speech fell flat. To be honest, this is a speech the President should have much sooner, so color me unimpressed that he waited until nearly two months after the Deepwater Horizon first started gushing oil into the Gulf of Mexico to give an address.
- While I’m less than enthused with President Obama’s address to the nation on Tuesday, I am encouraged by news BP has agreed to set up a $20 billion escrow account to compensate those who have incurred a financial loss as a result of the Gulf oil spill. President Obama made a point to note the fund “will not supersede individuals’ or states’ rights to present claims in court.” I’m willing to bet that after all is said and done, the $20 billion BP has set aside in this escrow account will be just a drop in the bucket once the true cost of the Gulf oil spill is tallied.