Stay updated with breaking news from Lmrp cap. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Understand right now. that has taken care of 238,000 barrels of oil. and 460,000 barrels have been siphoned off the leak down at that b.o.p. at the bottom as they use the q4000 and the lmrp cap. but storms in the gulf are delaying the plans to beef up the siphoning operation. they have one floating riser that will be able to work well during a hurricane situation. they also have flexible connections with that q4000 that s also attach add t the moment. bp says it has spent $300 million in just the last three days. that s $2.6 billion so far at least. that s where we re at on 70 days since the initial leak. frightening moment in kentucky today. during a speech by vice president biden, more on that after a quick break. [ male announcer ] invest with fidelity and get more for less. ....
But i indicated to the chairman that throughout this process, as we work to make sure that the gulf is made whole once again that the standard i m going to be applying is whether or not those individuals i met with, their family members, those communities that are vulnerable, whether they are uppermost in the minds of of all concerned. thank you very much, everybody. bp creates a $100 million compensation fund for oil industry workers left jobless. you heard a lot of people refer to the moratorium being just another punch to the gulf coast in the situation. what do we make of the president coming out with some specifics the day after the speech in the oval office. the two key words in that little address were no cap. ....
what is bp saying ability the amount of oil they re able to contain at this point? just to be clear, this second containment system is on top of that lmrp cap that s been in place since about the beginning of the month. they re going to be collecting the oil, but they re not going to be storing it, they re going to be burning it. th the reason for that is they can t store it. they don t have a storage vessel on the you are fas right now that s available to collect it .and so the only alternative ....
Yes, bp is putting aside $20 billion against claims, yes, they will have this separate $100 million fund for the laidoff workers, but essentially, the president was saying if the claims and the liability go beyond that, bp will not be able to walk away. bp will be responsible for the environmental clean-up, apart from these other issues. it s shocking to a lot of people to know there was a $75 million cap. bp has spent about $1 billion i believe the estimate is in these 56 days now. do you think this gives teeth now and confidence for people who want reassurance in the gulf coast and in the country? i think if they knew ken feinberg they would feel better about this process. ken feinberg is one of the brightest legal minds in the nation. i followed his work very ....
Realizes the american people are looking for him to get a little bit toughering and i think it probably was sterner than some of the meetings he s had with financial executives and some other leaders of the industry. and real quick michael, given what we just heard from the president s oval office statement and the last visit to the gulf coast, how would you say he s fared this three days that was heavily billed as his chance to get control of this. this is corner turning. the fact that bp is turning over this kind of money, it s certainly a step in the right direction. thank you. i want to bring in the mayor of pritchard, alabama. thanks for joining us. you re in washington right now. let me get your reaction to the president saying no cap, setting aside $100 million for compensation fund for workers laid off. is this what you were looking for for your state? yes. ....