BP (NYSE:BP) CEO Tony Hayward got an unexpected break at the House Energy and Commerce committee hearing before lawmakers today, as Rep. Joe Barton , R-Arlington, apologized for the way the Democrats and Obama has acted in putting "political pressure" on BP and Hayward.
Barton was referring to the Wednesday meeting between Obama and BP officials where they were pressed to put $20 billion into an escrow account for present and future claims resulting from the Gulf of Mexico oil spill.
"I am ashamed of what happened at the White House yesterday," said Barton, the top Republican on the committee. "It is a tragedy in the first proportion that a private corporation can be subjected to what I would characterize as a shakedown – in this case a $20 billion shakedown."
Barton added that while BP needs to be held completely accountable for the consequences of the oil spill.
There are a lot of questions as to whether or not the fund is the best way to go about handling the claims and liabilities in the years ahead.
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