British oil giant BP said Friday that the devastating Gulf of Mexico oil spill disaster has cost about eight billion dollars so far. The Obama Administration is likely to stay focused on toughening regulatory oversight of the US offshore oil industry and may push back lifting a ban on deepwater drilling after the latest accident in the Gulf of Mexico, analysts said on Thursday. American Oil & Gas options saw heavy call activity today. A total of 130 call and 50 put contracts were traded raising a three month record high call volume alert. Today’s traded Put/Call ratio is 0.38.

Captured on August 3, 2010 at 5:55 PM EDT from Live feed from Ocean Intervention III — ROV 1. The ROV is focused on this area for some reason. The definition of the feed and or the video itself is not that good. From what I see, it appears oil is spewing up from the ocean floor. Look and watch closely. If this in fact oil, and it is coming up through one of the fissures we were told about earlier in this disaster, the sealing of the well with the static kill if it works, will not stop the flow of oil.