President Barack Obama on Tuesday will deliver remarks on the catastrophic Gulf oil spill as frustration builds about the government's response and investors shave billions off BP PLC's (BP, BP.LN) market value in response to a once-promising attempt to plug the leak that failed over the holiday weekend.

Obama is scheduled to make remarks after meeting with the co-chairmen of a presidential commission he created to investigate the disaster, which has now spit more oil off the coast of Louisiana than the 1989 Exxon Valdez spill in Alaska .

Shares of BP dropped nearly 13% in early morning trading Tuesday, cutting the London-based company's market value by about $25 billion as investors digested news that a procedure to plug the oil well with heavy mud failed despite early signs of success.

Obama traveled to Louisiana on Friday to survey the disaster and the federal government's clean-up efforts amid growing criticism the government hasn't done enough. Obama said over the weekend that he was outraged that the mile-deep well continued to leak roughly half a million gallons of oil daily and that attempts to plug the leak continue to fail.

A new maneuver BP is attempting Tuesday has never been tried at such depths and Obama cautioned over the weekend that the new move will be difficult and take several days.

Frustrations over the disaster appear to grow daily as it persists despite proclamations from the government and BP that the best-and-brightest minds are working to solve the crisis.

The Obama administration has taken a tough approach to dealing with BP, and over the weekend officials clashed with the British oil giant. Administration officials said the latest attempt to stop the leak, which involves placing a large cap on the well and redirecting the oil, could increase the flow by 20% temporarily despite suggestions from BP that the new move posed little risk.

Obama has named a commission to look into causes of the spill, and to investigate the government's response and oil-industry regulations. Obama's meeting is with the panel's co-chairmen, former Sen. Bob Graham and former Environmental Protection Agency Administrator William Reilly. Obama is yet to name other members of the panel.

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