BP (NYSE:BP) Oil: Static Kill Success, On To Relief Wells

BP (NYSE:BP) engineers appear to be successful in their static kill attempt. Cement was poured in to the top of the well, which is supposed to hold down the mud at the bottom of the well. Now they must wait at least 24 hours for the cement to harden.

The static kill process started on Tuesday with crews pumping thick mud down the well to push the crude back underground. With that success, the next step was to pour in the cement. The final step once the cement hardens is for the engineers to inject more mud and cement into the bottom of the well, creating a permanent plug.

So while we are starting to shift from one aspect of BP's disastrous oil spill to another, there is still much to be done. According to a new report issued by the Interior Department and the National Oceanic and Atmospheric Administration, there is still almost 53 million gallons of the toxic oil polluting the Gulf shores.

"There is very little observable oil out there. We can't turn a blind eye, if we don't see oil, I'm not assuming it doesn't exist," said Rear Adm. Paul Zukunft.