British Petroleum Chairman Carl-Henric Svanberg takes questions while speaking to the press outside the West Wing of the White House. Svanberg, CEO Tony Hayward, BP America President Lamar McKay and Managing Director Robert Dudley met with President Obama and administration officials to discuss the oil spill caused by the sinking of the Deepwater Horizon drilling platform in the Gulf of Mexico.
BP will put $20 billion into an escrow account in order to pay claims brought by those harmed by the oil spill in the Gulf. Additionally, BP announced no more stock dividends will be paid this year.