BP Re-Caps Leaking Oil Well After Wednesday's Accident

BP (BP) re-capped its leaking oil well in the Gulf of Mexico after an accident involving an underwater robot forced the company to remove the cap. It was refitted over the leak late Wednesday on the eighth attempt.

The cap, which was first installed three weeks ago, is siphoning oil up to a tanker, the Discover Enterprise, on the surface. During the period when it was off, live video showed as much as 104,000 gallons of oil leaking into the water every hour.

"It's a setback, and now we will go back into operation and show how this technology can work," Bob Dudley, BP's managing director told reporters. Dudley was placed in charge of BP's spill response on Wednesday.

BP is also drilling two relief wells to finally stop the flow from the ruptured well. The relief wells are expected to be ready some time in August.
Read Full Story

Markets

DJIA 21,812.09 -87.80 -0.40%
NASDAQ 6,278.41 -19.07 -0.30%
S&P 500 2,444.04 -8.47 -0.35%
NIKKEI 225 19,377.24 -57.40 -0.30%
HANG SENG 27,567.73 166.06 0.61%
DAX 12,174.30 -55.04 -0.45%
USD (per EUR) 1.18 0.00 -0.13%
USD (per CHF) 0.97 0.00 0.10%
JPY (per USD) 109.17 0.26 0.24%
GBP (per USD) 1.28 0.00 -0.12%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.