Barack Obama is expected to name an 'oil tsar' to co-ordinate the US government's response to the Gulf of Mexico oil spill and be the first point of contact between BP executives and the White House.
Another £2.5bn was wiped off the value of BP yesterday, as a torrent of crude oil continued to spill into the Gulf of Mexico.
Credit agency Fitch slashed the company's credit rating six notches from 'AA; to 'BBB' on concerns over potential liability claims.
In his first national address from the Oval Office last night Obama vowed to"make BP pay" for the damage caused by the spill. I've yet to discover if there was any mention of Haliburton and Transocean although there was mention, with few details, of the necessity for the US to undertake a future of clean energy.
I suspect the new oil tsar will handle the Republican fall-out from his speech - if he or she is appointed today.
Appointing a tsar is of course a socialist move. Gordon Brown excelled at it: swine flu tsar, drugs tsar, alcohol tsar etc. Unfortunately I can't remember the name of any of them.