IMO the President should address the nation.

[Xicano]

He should announce that effective immediately he is freezing all assets of BP and will use BP assets to pay for the costs of stopping the leak, clean up of the all damage and compensation of those effected by this catastrophe.

His announcement should include offering all deep-sea drilling capable companies and other relevant companies capable of offering services in helping solve and clean up this crisis bids for contracts (paid for by frozen BP assets of course).

His announcement should also include that he is instructing the justice department to indict all persons on criminal charges who failed to follow or satisfy all safety procedures and regulations.

His announcement should also include that effective immediately he's ordering a comprehensive safety inspection of all current off-shore oil operations and will shut down any and all operations that fail to score a 100% on the inspections.

His announcement should also include that future off-shore drilling plans are to be suspended indefinitely and that all oil companies operating at any level within the United States shall be taxed to fund research and development of alternative energy.

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Not that I would espect hearing something like that come from the White House in a million years, but nevertheless my two cents anyway.