Residents Don’t Trust BP

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Oil spill update: Gulf coast residents question BP and $20 billion fund

June 17, 2:00 PM | US Headlines Examiner | Charisse Van Horn

Oil spill update: Gulf coast residents question BP and $20 billion fund

As President Obama announced that BP would set up a $20 billion fund to assist in the recovery of Gulf Coast businesses some across the coast have questions. BP has lost trust with many across the nation but that sentiment is felt greatest by those calculating oil spill estimates, and waiting for BP to process claims. Some have expressed on recent media reports that they don’t trust BP to deliver the $20 billion as well.

CNN’s Anderson Cooper spoke with Larry King and said that residents are optimistic about the idea of the fund but have many questions. Anderson Cooper stated, “There's been a lot of criticism about the system that BP has in place currently. A lot of people are saying, look, they -- they put in claims weeks ago. They're not seeing their claims paid in a timely manner.

BP says they have upped the percentage of claims for big commercial businesses that they paid out. But the state is complaining about -- about the speed and the data that BP has on these smaller claims.”
President Obama insisted that the $20 billion fund will be placed in an escrow and would be under the control of a third party and will not be controlled by BP or the government.