BP (NYSE:BP) Oil Well Declared Officially Dead, Most Oil Gone

BP (NYSE:BP) had an important but muted victory this weekend, as if finally and officially permanently sealed the stricken oil well, closing one chapter of the saga.

The vast majority of the oil which leaked from the well is gone, according to government officials, but some still remains, and it's uncertain as to what extent it's doing damage to the region.

Some scientists have made attempts to say there is a lot more oil left than the government asserts, but their arguments are extremely weak, and evidence small and unconvincing.

These scientists have agendas, and that is to obtain more research money for their university departments. Saying there is more oil than there is, attempts to generate the idea in the public mind that there is more research needed.

So far BP has spend close to $9.5 billion on cleanup, and is paying out another $20 billion via a compensation fund administered by Kenneth Feinberg.

They're also selling up to $30 billion in assets in order to pay for legal claims and other fines they may have to face.