National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling recommendations to Congress for new spending and regulations. National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling The National Commission on the BP "Deepwater Horizon" Oil Spill and Offshore Drilling is a bipartisan presidential commission, established by Executive Order signed by Barack Obama on May 21, 2010, that is "tasked with providing recommendations on how the United States can prevent and mitigate the impact of any future spills that result from offshore drilling." It came about as a result of the April 2010 Deepwater Horizon oil spill. The first public hearings, held on July 12 and 13,
Deepwater Horizon oil spill pension fund managers (who have large holdings of BP shares and rely upon its dividends) accepted that while BP had to pay compensation for the spill and the environmental damage, they argued that the cost to the company's market value from President Obama's criticism was far outweighing the direct clean-up costs. Initially, BP downplayed the incident; its CEO Tony Hayward called the amount of oil and dispersant "relatively tiny" in comparison with the "very big ocean." Later, he drew an outpouring of criticism when he said that the spill was a disruption to Gulf Coast residents and himself adding, "You