Feinberg: Gulf Oil Spill Fund To Begin Payouts In August-Report

DOW JONES NEWSWIRES The $20 billion that oil giant BP PLC (BP, BP.LN) has promised to help businesses hit by the leaking well in the Gulf of Mexico should start making payouts in early August, the Times Picayune quoted the man in charge of disbursing the money as telling officials Thursday near New Orleans. Kenneth Feinberg, stressing his independence from BP and the U.S. government, began a public relations campaign to pitch the program and answer questions from residents, business owners and public officials. He is looking to encourage all individuals and businesses to submit claims to the program when it starts next month. Feinberg said he expects a seamless transition from BP management to his administration. "My goal is to improve that system. I'm determined to come up with a system that is more beneficial to the people using it," he said. Feinberg was to attend town hall meetings in elsewhere in Louisiana before traveling Friday to Mississippi. BP, which is responsible for the April 20 disaster that continues to send millions of gallons of oil into the ocean, has agreed to put $5 billion each year for the next four years into an escrow account. People may then apply for the cash through a claims program that Feinberg said will be set up within the next few weeks. Feinberg also said BP has promised to cover all eligible claims, even after the $20 billion is exhausted. The U.K. company has spent about $150 million so far on individual and business claims in a separate program that isn't drawing from the escrow account. Full story at http://www.nola.com/news/gulf-oil-spill/index.ssf/2010/07/ken_feinberg_20_billion_in_oil.html -Dow Jones Newswires; 212-416-2900 Order free Annual Report for BP plc Visit http://djnewswires.ar.wilink.com/?link=BP or call 1-888-301-0513 Order free Annual Report for Transocean Inc. Visit http://djnewswires.ar.wilink.com/?link=RIG or call 1-888-301-0513 (END) Dow Jones Newswires July 15, 2010 17:00 ET (21:00 GMT)