The announcement came as President Obama discussed the Gulf environmental crisis in his first Oval Office address. Obama accused BP of “recklessness” and swore to make the company pay for the massive damage it has caused.

President Obama: “The millions of gallons of oil that have spilled into the Gulf of Mexico are more like an epidemic, one that we will be fighting for months and even years. But make no mistake: we will fight this spill with everything we’ve got for as long it takes. We will make BP pay for the damage their company has caused. And we will do whatever’s necessary to help the Gulf Coast and its people recover from this tragedy.”

Obama vowed a “battle plan” to address the crisis but offered few details on what the plan entails. He did announce the appointment of former Mississippi Governor Ray Mabus to develop a long-term Gulf Coast Restoration Plan. And he said he’d tell BP to pay for an independent fund to compensate Gulf Coast residents.

President Obama: “Tomorrow, I will meet with the chairman of BP and inform him that he is to set aside whatever resources are required to compensate the workers and business owners who have been harmed as a result of his company’s recklessness. And this fund will not be controlled by BP. In order to ensure that all legitimate claims are paid out in a fair and timely manner, the account must and will be administered by an independent third party.”