Gulf Oil Spill | featured news

British energy giant BP Plc is holding up payments to economic victims of the Gulf of Mexico oil spill, Kenneth Feinberg, administrator of a $20 billion compensation fund, said on Saturday.

Sale moves company closer to goal of raising $10B to cover spill expenses, bolster financial position.

Engineers fighting the Gulf oil spill are confident that the cap over the well is strong enough that they may be able to plug it up soon.

The recently recapped oil well in the Gulf of Mexico could remain closed until the relief well is drilled if tests remain favorable, a BP official said Sunday morning.

BP Plc's stricken Gulf of Mexico oil well showed no signs of leaking on Friday, but officials intensified oversight after a critical test showed pressure barely rising in the capped gusher.

President Obama and his family leave Friday for a weekend getaway to Maine, but along with a little rest and relaxation comes criticism that the president is taking it easy with the Gulf of Mexico oil crisis in a critical phase.

BP Plc said on Thursday it stopped the flow of oil into the Gulf of Mexico from its deep-sea well for the first time since it ruptured in April, prompting hope that the leak can be plugged for good.

After day of delay, firm gets go ahead to run test, which will close down the flow of oil well in a series of steps as officials closely monitor pressure.

The Gulf oil spill appears to have been stopped by the latest containment cap, according to unconfirmed reports from PBS Newshour and CNN.

BP said today its attempt to place a new cap on its ruptured undersea well was proceeding as planned. But while robots replace the old cap, crude is flowing freely.