BP (NYSE:BP) Now Burning Gulf Oil

In an effort to stop more oil from spilling into the Gulf, BP has installed a second system which entails lines sucking up oil after being installed in the blowout preventer.

They bring the oil to the ship on the surface, which is then sent through a boom and mixed with compressed air and then ignited to burn.

At this time BP is capturing about 630,000 gallons of oil a day through their existing methods, and this will burn off up to 420,000 gallons of oil on a daily basis once it's fully operational, according to BP spokesman Robert Wine.

Oil and gas has already been brought to the surface as of 1:00 AM EDT via the new system.