BP chairman apologizes to American people for a second time - WKOW 27: Madison, WI Breaking News, Weather and Sports

UPDATE: BP chairman apologizes to American people for a second time

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WASHINGTON (WKOW) -- The chairman of BP issued a second apology to the American people following his first apology for the Gulf oil spill.

During his first apology, Carl-Henric Svanberg said the energy giant cares about "small people" hurt by the spill.  Later, Svanberg said in a written statement he's sorry for speaking clumsily.

He says he was trying to say BP understands how deeply the spill has affected people who live along the Gulf of Mexico and make a living from it.

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WASHINGTON (AP) -- President Barack Obama says BP has agreed to establish a $100 million fund to compensate unemployed oil rig workers affected by a six-month moratorium on deepwater drilling imposed in the wake of the Gulf oil spill.

Obama said the fund is in addition to $20 billion the company will set aside to pay victims of the massive Gulf spill, the nation's worst environmental disaster.

Obama imposed a six-month moratorium on new deepwater drilling last month while a commission reviews the April 20 explosion of the Deepwater Horizon rig.

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WASHINGTON (AP) -- BP apologizes to the American people for damage oil spill caused in Gulf Coast. BP chairman Svanberg expresses "sadness and sorrow" for oil spill after meeting with Obama.

BP says it will repair environmental damage to the Gulf Coast.

President Obama says BP will create a $100 million compensation fund for oil industry workers left jobless.

The chairman of BP's board says that the oil company will suspend its quarterly dividend as part of its commitments to compensate victims of the Gulf oil spill.

BP Chairman Carl-Henric Svanberg made the announcement Wednesday after emerging from the White House where he and other BP executives met for four hours with President Barack Obama.

Obama and key members of Congress in recent weeks have pressed BP to suspend the dividend payment and give assurances that the company will meet its commitments to Gulf coast residents and businesses economically harmed by the spill.

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WASHINGTON (AP) -- The man who's been chosen to administer the $20 billion set aside by BP for an independent fund to compensate victims of the Gulf oil spill is no stranger to handling victims' claims.

Lawyer Kenneth Feinberg is currently Obama's "pay czar," setting salary limits for companies getting the most aid from a $700 billion government bailout fund.

The Massachusetts native also oversaw payments to families of victims of the 9/11 terrorist attacks as special master of Sept. 11 Victim Compensation Fund of 2001.

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WASHINGTON (AP) -- Senior administration officials tell The Associated Press that BP has agreed to finance a $20 billion fund to pay the claims of people whose jobs and way of life have been damaged by the devastating Gulf Coast oil spill.

The independent fund will be led by lawyer Kenneth Feinberg, who oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks.

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