"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," Fox News quoted Obama as saying during an 18-minute speech.
He also said that he had asked former Mississippi Governor Ray Mabus to develop a long-term Gulf Coast Restoration Plan-to be funded by BP-in concert with local states, communities, fishermen, conservationists and residents "as soon as possible".
Obama did not detail what this plan should include.
The speech comes on the eve of Obama's meeting with top BP executives at the White House on Wednesday, Jun 16.
A BP spokesperson said that the company is completely onboard with regard to plugging the oil spill as quickly as possible.