Federal authorities have given BP 72 hours to come up with sound contingency plans for the collection of gushing oil in the event of an operational failure or severe weather.

BP states on their website that they have collected 76,020 gallons of oil in the first 12 hours after it put the cap on the well, which is less than 10 percent of the 798,000 gallons of oil federal authorities estimate is pouring into the Gulf daily! CNN has the story inside.

British Petroleum, the company behind what has amounted to the worst oil spill in US history, admitted today that the “Top Kill” plan did not work according to Chron.com.

According to CNN.com, BP has begun a "top kill" procedure to contain oil gushing into the Gulf of Mexico, a company spokesman said Wednesday.

BP's chief executive officer said Monday that the company is doing all it can to respond to the runaway oil leak that has been befouling the Gulf of Mexico for more than a month.