Apparently, BP’s well cap on Deepwater Horizon is holding, as the closure of the well cap plays a role in testing the device itself. The cap will stay closed for only a short time, then oil will be allowed to flow to surface ships again while relief wells are drilled into the deposit. One of the relief wells is currently a very short distance (several meters) from the shaft of the main boring.
The relief wells can probably be doing their job by mid August. So, over the next month, oil will continue to be “processed” on the surface (which I assume means that much of it will be burned, but I’m not certain of this). The possibility of the well cap failing and a new deep sea leak starting up will remain a strong possibility between now and then.
Despite the fact that the effects of one of the worst environmental disasters ever are still mainly in the future, BP stock’s rose on news of the successful test closure of the kill valve on this cap. If we ever needed proof that the invisible hand of the free market is an imbecile, this would be an excellent example.