Gulf Oil Spill | featured news

BP is to place $20bn in an independent fund to pay out compensation to victims of the Gulf oil spill, US media report.

President says the expanding oil spill in the Gulf of Mexico is "the most painful and powerful reminder yet that the time to embrace a clean energy future is now."

The president says he'll discuss how BP must pay claims "fairly and quickly" to compensate oil spill victims. He also says he'll name separate commanders for Florida, Alabama and Louisiana to speed response to states' residents.

President Obama previewed part of his Oval Office address in an appearance here Tuesday morning, saying he will talk about the need for BP to pay out claims "quickly and fairly'' to compensate victims of the worst environmental disaster in U.S.

Executives from other major oil companies turned on BP Plc and defended their own drilling practices during a congressional hearing on Tuesday as they sought to stave off new government regulations in the wake of BP's oil spill in the Gulf of Mexico.

The  cost of cleaning the Gulf oil spill and compensating its victims won’t be known for years.

Two House Democrats leading probe lay out five decisions firm took "to speed finishing the well," which was running "significantly behind" plans.

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As President Obama headed to the Gulf Coast on Monday, BP is searching for a way to satisfy both the United States government and its shareholders.

Geese and ducks were coated with oil and a park was closed as officials started a cleanup effort expect to last weeks.

Oil from the worst spill in U.S. history could soon end up at gas stations, construction sites and even grocery stores .

Environmentalists plan to stage a worldwide protest against BP on Saturday as the petroleum giant takes hits from politicians and Gulf residents.