The thing I really don't understand is why an operation with such massive implications has NO effective, proven contingency plan for such a thing.
I am inclined to believe that BP just may be playing a bit of a waiting game- like, that there are a few options that exist but have not been made public- probably drastic options that would hinder further use of this obviously oil-rich location- some kind of concrete "mausoleum" similar to the one used in Chernobyl comes to mind.
Either way, it'll be black times on the coast for some time now.
CNN is just reporting that there was no 'blow-out preventer' which is standard on most rigs. Gotta wonder why they didn't and what the lack of same will mean to any lawsuits.