Saying he won't let the Gulf's way of life perish with this disaster, Obama said the government "will make BP pay for the damage their company has caused."

Obama is to meet with BP chairman Carl-Henric Svanberg on Wednesday, and he will ask BP, whose "recklessness" caused the disaster in the first place, to set aside "whatever resources are required" to compensate workers and business owners harmed by the oil spill. The fund is to be administered by an independent third party, "in order to ensure that all legitimate claims are paid out in a fair and timely manner."

Compensation is part of the equation to restore the Gulf. During the speech, Obama made his commitment to the Gulf Coast that "goes beyond responding to the crisis of the moment," and announced he has asked Ray Mabus, the Secretary of the Navy, to develop a long-term Gulf Coast Restoration Plan as soon as possible.

"BP will pay for the impact this spill has had on the region," Obama vowed.

According to a USA Today/Gallup poll conducted before Obama's address, 71 percent of Americans say the Obama administration has not been tough enough in its dealings with BP, and 59 percent of Americans say BP should shoulder all financial losses resulting from the oil spill, even if those payments ultimately drive the company into bankruptcy.

U.S. lawmakers have demanded BP set aside 20 billion U.S. dollars to pay for the clean-up and compensation. BP has not confirmed it will agree to set up such a fund.
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