Findings on BP's (NYSE:BP) Oil on Gulf Sea Floor

After a thorough investigation of the Gulf sea floor, the U.S. Coast Guard found out the hype and fear-mongering of the media and scientists with agendas have been found to be untrue, as very little evidence of significant amounts of oil on the Gulf bottom were found.

Rear Adm. Paul Zukunft said, "We are not finding any recoverable amounts of oil, We are dealing with barely detectable amounts of oil in the parts per billion in many places."

As a matter of fact, the only place oil was found that could possibly cause some harm to wildlife was a tiny area in the immediate vicinity of the Macondo oil well, which entails an area of about a mile and a half in diameter around the well.

At that location oil and drilling mud were found which could cause some damage to marine life, but there wasn't any way to clean it up. That's only a possibility, not even necessarily a probability.

The findings were released by the Operational Science Advisory Team, after testing almost 17,000 water and sediment samples.

BP responded in a statement saying, "The scientific evidence in this report is consistent with our observations that the beaches are safe, the water is safe, and the seafood is safe."

BP closed Friday at $43.25, down $0.50, or 1.14 percent.