<br/>Oil major BP has agreed to set aside a whopping 20 billion dollars to pay as damage claims for the environment disaster in the Gulf of Mexico. <br/> <br/>US president Barack Obama announced on Wednesday that an agreement had been reached with the BP to create a 20-billion dollars fund to pay claims for the oil spill and said the firm will continue to be liable for the disaster. <br/> <br/>Currently, under federal law, there is a 75 million dollar cap on how much oil companies could under certain circumstances be required to pay for economic damages resulting from a spill such as this. <br/> <br/>The President exuded confidence that BP will be able to meet its obligations to the Gulf Coast and to the American people. He further said that the US will continue to hold it and all other responsible parties accountable.<br/> <br/>The move has been welcomed by US lawmakers <br/>