BP (NYSE:BP) UPDATE Oil Spill Containment, A Partial Success

After much dissatisfaction and anger about BP's (NYSE:BP) inability to contain the oil spill, causing an incredible drop in oil investments, there has been at least a partial success. BP was successful in placing the cap on top of the pipe they were able to cut. The problem remains that the pipe was not a clean cut, thus causing the cap to not fit snug. So the spill containment efforts must go on because there is still oil coming out from around the cap.

Thad Allen, the Coast Guard Administrator issued by the government said, "even if successful this is only a temporary and partial fix and we must continue our aggressive response operations at the source, on the surface and along the Gulf's precious coastline."

Doug Suttles, BP's chief operator stated it wouldn't be until later on in the day before they knew the amount their spill containment system was capturing. "There is flow coming up the pipe, just now I don't know the exact rate," said Suttles.

Even though the underwater robots were successful with putting the lid onto the leaking oil pipe, watching the live oil spill video doesn't show much of a change as far as the oil flow. Suttles did say that the cause of this oil flow that we are seeing is probably because of the four vents that were put into place intentionally so as to prevent ice crystals from forming, thus blocking the funnel. BP is planning on closing all four vents at the same time to see if this will decrease the amount of oil still pouring into the ocean. As of now there isn't an exact time this will take place.