August 4, 2010- BP announced that the MC252 well in the Gulf of Mexico appears to have reached a static condition for the first time since it’s April 20th explosion, thereby creating the worst oil spill disaster in world history, according to some scientists. The well pressure is now being controlled by the hydrostatic pressure of the drilling mud, which was the desired outcome of the static kill procedure carried out late yesterday. Now that the flow of oil has been completely cut off, the next step in ensuring a permanent end to the leakage, will be to cement the well. Depending upon weather conditions, mid-August is the likely date by which the first permanent kill and cement operations will commence. BP stock is trading up 1.5% Wednesday morning, to a price of .62, on the news.
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