President Obama announced Wednesday that energy giant BP will finance a $20 billion fund to compensate people whose livelihoods have been damaged by the devastating oil spill in the Gulf of Mexico, and the giant British company's chairman apologized to America for the worst spill in U.S. history.
Obama said BP has voluntarily agreed to set aside $100 million to help oil workers displaced since the Deepwater Horizon rig exploded April 20 and killed 11 people.
Kenneth Feinberg, a lawyer overseeing executive pay issues for the White House, will be in charge of the compensation fund. A three-person panel will mediate any disputes.
Feinberg oversaw payments to 9/11 victims for the federal government.