Wednesday, June 16, 2010

"The energy sector also will be in the spotlight as President Barack Obama gave a nationally televised address blasting BP , calling for the oil giant to set up an independently administered escrow account to pay claims from the Gulf of Mexico oil spill. Obama also talked of the need for more renewable energy.
Obama is meeting with BP chairman Carl-Henric Svanberg Wednesday morning with the escrow account and the company's dividend payments the focus of attention. Shares of BP were down 4% in pre-open trading, and its credit-default swaps have widened noticeably, indicating the market is increasingly betting the firm will default on bond payments."