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("2nd UPDATE: Obama: BP Oil Spill Like An 'Epidemic'," at 8:59 p.m. EDT Tuesday incorrectly attributed to President Obama the mention of the size of an escrow fund the government wants BP to set up. The original story published at 8:17 p.m. and update at 8:34 p.m. Tuesday also contained the error. A repeat of the story at 7:37 a.m. Wednesday also contained the error. The correct version follows: ) By Jared A. Favole Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--President Barack Obama on Tuesday said in his debut speech from the Oval Office that the BP Plc (BP, BP.LN) oil spill is an "epidemic" that the nation will be "fighting for months and even years." Obama, in the highly anticipated speech, said the government will "fight this spill with everything we got," and work to blunt the economic and environmental damages of the unprecedented oil catastrophe that has captivated the public and engulfed his presidency. Obama also laid out a plan to help restore the Gulf coast and said that BP is expected to pay for the environmental damage caused by the disaster. He also told the nation that a third party will oversee an escrow fund to be paid by BP to help compensate those affected by the oil spill. It's unclear what the size of the fund will be, though Congress has asked BP to set aside $20 billion. The speech comes as BP is capturing roughly 15,000 barrels of the 35,000 to 60,000 barrels of oil spewing out of the mile-deep well daily in the Gulf and Obama is fighting to deaden growing criticism that his administration can't handle the fiasco. Some of that criticism was on display as Obama traveled by motorcade to Florida's Pensacola Beach Tuesday morning, where onlookers held signs reading "Day 55 Still No Skimmers" and "Enough Photo Ops," as well as signs saying "Thanks For Your Support Mr. President" and "Obama Rocks," according to reports of his trip. The highly anticipated speech began a few minutes after 8 p.m. EDT in the Oval Office, a venue presidents use for speeches to address the nation in times of crisis, and comes after Obama's two-day trip to Mississippi, Alabama and Florida to survey the response to the disaster. In his speech, Obama also explained the need for changes to how the oil industry operates and is regulated to ensure such a disaster doesn't happen again. Obama has blasted the federal government's relationship with the oil industry and said tougher regulations are coming. He has already said that the main agency overseeing off-shore oil drilling, the Minerals Management Service, will be split so the arm that collects billions in oil royalties is separate from the division that enforces regulations. He has also placed a moratorium on some deep-water drilling in the Gulf and other areas, a step that has drawn a strong response from some Gulf residents who say the move fuels the economic pain of the calamity. He also said in his speech the decision on imposing a moratorium was difficult and urged a presidential commission to quickly investigate and determine whether deepwater off-shore drilling can be continued safely. Obama is expected to meet with a BP executive Wednesday at the White House, where they will discuss the escrow fund and claims. Obama also told the nation that the oil disaster should be viewed as showing the perils of relying on traditional fuel sources and stressed that the country needs to fundamentally alter its focus toward renewable energy. After the president's speech, a BP spokesperson responded via email, saying: "We share the president's goal of shutting off the well as quickly as possible, cleaning up the oil and mitigating the impact on the people and environment of the Gulf Coast. We look forward to meeting with President Obama tomorrow for a constructive discussion about how best to achieve these mutual goals." Meanwhile, at Pensacola Beach in Florida, a couple dozen people watched Obama's televised speech at Sandshaker Lounge, a local watering hole. Several said Mr. Obama didn't go far enough Tuesday night. "He's still letting BP run the show," said Gregg Hall, a 48-year-old sales manager at a local car dealership. "From the very beginning, the government should have taken control." Tar balls have been washing up on this town's beaches in Florida's Panhandle for more than a week, and Mr. Obama paid a visit to the town earlier Tuesday during a two-day Gulf tour of Mississippi, Alabama and Florida. "I would like as much money going into this as in Iraq and Afghanistan," said Tracy Dwiggins, 52, a local civil servant, adding that the president should act "like it's a war." Ricky Ray, 58, said the president should have declared a national disaster to get more help to the Gulf more quickly. "I don't understand what it's going to take, how much oil has to be spilled," said Mr. Ray, a sales manager for an apparel company. (Mike Esterl of the Wall Street Journal contributed to this article) -By Jared A. Favole, Dow Jones Newswires; 202.862.9256; jared.favole@dowjones.com (END) Dow Jones Newswires June 16, 2010 10:18 ET (14:18 GMT)