Gulf oil clean-up: In response to the oil spill in the Gulf of Mexico, President Obama imposed a freeze on new offshore-drilling leases until a comprehensive review of the accident can be completed. Obama declined, however, to back away from the his earlier proposal to open vast expanses of water along the Atlantic coastline, the eastern Gulf of Mexico and the north coast of Alaska to oil and natural gas drilling, much of it for the first time. The April 20 explosion on the BP-operated Deepwater Horizon drilling platform about 50 miles off the southeast coast of Louisiana has left an untapped wellhead pouring about 5,000 barrels of oil a day into the Gulf. The Coast Guard estimates that 1.6 million gallons of oil have spilled since the explosion. BP Chief Executive Tony Hayward said in an interview with Reuters that the company would compensate those affected by the spill, but the cost could be $8 billion or more — and the company's stock price has already dipped 12%. The cost is about $6 million a day now, but will increase. Containing and cleaning up the spill are only the beginning as there will be millions — or even billions — of dollars in lost revenue for fishing, tourism and other industries. Lawsuits have already been filed and the share prices are tumbling for BP, the rig operator Transocean and Cameron International, which made the blowout protectors.