Making a bold but welcome statement, BP (NYSE:BP) and Coast Guard Adm. Thad Allen agreed that by next week the oil leak in the Gulf of Mexico will be contained, setting the stage for dealing even more with the oil still floating around the Gulf.
At this time approximately 630,000 gallons of oil is being captured by the cap placed on the well and the resultant siphoning of oil to ships on the surface.
While it won't capture 100 percent of the oil, by far the vast majority will be collected. That shouldn't be a problem as far as the affect on the water, as natural oil leaks have been in the area which are huge when added together, although much more dispersed throughout the Gulf.
Estimates are this is accounting for about have of the oil seeping into the Gulf at this time.
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