The whole BP Oil Spill story has been one long list of failures,lies and ineptitude by all the major stakeholders involved.The Obama administration,BP and the Oil Regulator have all been guilty of incompetence,procrastination,finger pointing and cover-ups.All of BP’s efforts have come to naught while dealing with the Oil Spill.The much heralded “top kill” operation which was supposed to have a high probability of success joins the other efforts in the failure list.BP had given a “60-70% success” to the “top kill” effort despite never having tested this kind of technique at such a depth.Another case of rosy projections without basis in fact. Expect  the whole circus to go on for another 2 months as  digging of a relief well takes that much time to be dug.BP has lost $50 billion in market value during this whole disaster.Seems like buying the stock even at these depressed levels might be like catching a falling knife.

BP “top kill” fails – Reuters

It may be another two months before the London-based energy giant can definitively turn off the gusher — a delay that could undermine U.S. President Barack Obama as he faces growing criticism for a perceived slow response to the disaster.

“We will continue to pursue any and all responsible means of stopping this leak until the completion of the two relief wells currently being drilled,” Obama said in a statement after the news, noting that the wells will take months to complete.The beleaguered BP said its next option is a “lower marine riser package” that will not plug the well ruptured in a rig blast, but rather capture most of the oil on the sea floor and channel it to the surface for collection.BP Chief Executive Tony Hayward called the containment cap “the best way to minimize the flow of oil into the Gulf” and said it would take around four days to put it in place.But even Obama sought to lower expectations for this option, which he said is difficult and “has never been attempted before at this depth.”

BP and Hayward’s credibility are at new lows, after the chief executive had given the top kill a 60 to 70 percent chance of success although it had never been done at the depth of the well, a mile beneath the sea.

BP ditches ‘top kill,’ moves to cap option – Reuters

BP Plc (BP.L) (BP.N) gave up on its failed “top kill” effort to smother a Gulf of Mexico oil leak on Saturday and focused on a plan to cap a piece of equipment at the wellhead and corral spewing oil and gas.”We do think it will capture the majority of the oil if it works. We can’t guarantee that,” BP Chief Operating Officer Doug Suttles said of the next step at a daily briefing on Saturday with the U.S. Coast Guard. He said it could take four days or longer to show results.

Suttles said the top kill, or the pumping of heavy fluids and materials into a failed blowout preventer to quell the leak in the well, did not stop the flow of oil and gas into the Gulf.Although Chief Executive Tony Hayward said on Friday that BP would not know until Sunday whether the top kill was a success or failure, Suttles said company and government officials decided on Saturday to give it up and move on.