BP agrees to escrow account

BP and the administration reached an agreement where the oil company will place $20 billion in an escrow account to pay claims resulting from the Deepwater Horizon spill in the Gulf of Mexico. (Source: Washington Post, 06/16/10) BP has started burning oil siphoned from the ruptured well as part of its plans to more than triple the amount of crude it's capturing. The burner could incinerate up to 420,000 gallons of oil daily once it's fully operational. (Source: AP via Mobile Press-Register, 06/16/10) The rig exploded April 20, killing 11 workers. The well has spewed oil into the Gulf of Mexico since, soiling coastlines, killing wildlife and impacting businesses in Louisiana, Mississippi, Alabama and Florida.