BP Spill Fund May Be Backed by Drilling Revenue
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The $20 billion fund for victims of BP Plc’s oil spill may be backed by the company’s U.S. oil and gas production, an arrangement that an advocacy group called a conflict of interest for the Obama administration.
Provisions of the Deepwater Horizon Oil Spill Trust were released today at the White House. BP agreed to the trust fund, to be administered by Kenneth Feinberg, after a June meeting at the White House with President Barack Obama and BP executives including Chairman Carl-Henric Svanberg.