BP must pay for Gulf cleanup, says Obama

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Additional Managing Director of Islami Insurance Bangladesh Limited Mujibur Rahman and Managing Director of M/s Abed Holding Limited AKM Barkatullah exchanging documents after signing an agreement on behalf of their respective companies in the city recent

WASHINGTON, June 16 (Agencies): President Barack Obama, calling BP 'reckless', said Tuesday night that the British oil colossus must pay for the disastrous oil spill that threatens to ruin waterways, wildlife and a prized coastal lifestyle.
"We will fight this spill with everything we've got for as long it takes," Obama said while delivering his first address to the nation from the Oval Office.
Obama offered no immediate remedies for a frustrated nation. Rather he announced he had asked former Mississippi Gov. Ray Mabus to develop a long-term Gulf Coast Restoration Plan - to be funded by BP PLC - in concert with local states, communities, fishermen, conservationists and residents "as soon as possible."
Fifty-seven days into the crisis, oil continues to gush from the broken wellhead, millions of gallons a day, and Obama has been powerless to stem the leak.
Scientists estimated that oil leak could top 2.52 million gallons of crude a day.
"The tragedy unfolding on our coast is the most painful and powerful reminder yet that the time to embrace a clean energy future is now," Mr. Obama said. "I say we can't afford not to change how we produce and use energy - because the long-term costs to our economy, our national security, and our environment are far greater."
Meanwhile, shares in BP PLC fluctuated in London trading Wednesday ahead of the scheduled meeting between the oil company's chairman and U.S. President Barack Obama in Washington.
The lives of Gulf residents turned upside down by the nation's worst oil spill.