There is some relief today as BP (NYSE: BP) has successfully shut off the flow of oil that has been gushing non-stop into the Gulf of Mexico for more than 84 days.
43 minutes ago, on the US government's oil spill Twitter account the message came loud and clear in a simple message in all-caps:
NO OIL FLOWING INTO THE GULF
BP official Kent Wells confirmed at a press conference just over an hour ago that oil stopped gushing out of the broken pipe at 2:25pm central time today. Below is a screenshot from the submarine monitoring the oil leak, as you can see there is nothing coming out of the pipe right now:
Unfortunately, it remains to be seen as to whether this latest attempt by BP will ultimately stop the gusher in the Gulf. There is a chance that the pressure could be too great and cause the well pipe to burst again.
An estimated 100 million gallons have been dumped into the Gulf of Mexico since the pipe burst on April 22nd and the impacts of this tragic disaster will continue for years, if not decades.
We can all breathe a big sigh of relief. For now.
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