BP has reportedly agreed to set aside the equivalent of sixteen billion euros to put in a fund for victims of the Gulf of Mexico oil spill.
The news coincides with a meeting held at the White House between BP executives and President Obama.
It was the first time since the rig blew up two months ago leading to the disaster that the President had met BP bosses face to face. He’s called for the fund to be administered independently.
Despite the four trips he’s made to the Gulf Coast to assess its impact, opinion polls suggest a majority of Americans disapprove of Barack Obama’s handling of the disaster.
The President now has plans for new energy laws designed to tighten regulation of the oil industry and shift the US away from its reliance on fossil fuels.
BP is now collecting a proportion of the leak in the Gulf of Mexico after placing a cap over the leaking pipe.
But scientists estimate that the amount of oil spewing into the water is several times more than originally thought.