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BP To Pony Up For Oil Spill Victims

By Marcus Gilmer in News on Jun 16, 2010 5:40PM

An update to an earlier post, it's reported BP has agreed to start a $20 billion fund for those affected by the Gulf of Mexico oil spill. The oil giant tentatively agreed to the fund after a meeting this morning with President Obama. The fund will be overseen by Kenneth Feinberg who was responsible for oversight of the 9/11 victims compensation fund. One problem in getting to that number? No one's sure what BP's final liability will come in at; they've already spent $1 billion on clean-up. And, as CBS 2 reports, there is still fear of a ripple effect that could be felt it many ways locally, given the BP plant in Whiting, Indiana and the past issues with that plant and Lake Michigan as well as future issues.