Fourth time's the charm? President Obama is planning yet another trip to the BP oil spill.

President Barack Obama is going back to the Gulf of Mexico, this time venturing on to new ground tainted by oil, before he speaks to the nation about what he's seen in the afflicted states and what to expect in the weeks ahead.

Before the start Monday of a two-day trip to Mississippi, Alabama and Florida, the White House announced Obama would order BP to establish a major victims' compensation fund. When he returns to Washington on Tuesday evening Obama will use his first Oval Office speech as president to address the catastrophe.

BP said in a statement its costs for responding to the spill had risen to $1.6 billion, including new $25 million grants to Florida, Alabama and Mississippi. It also includes the first $60 million for a project to build barrier islands off the Louisiana coast. The estimate does not include future costs for scores of damage lawsuits already filed.

SOURCE: The Associated Press