Reports indicate that the oil spill leak in the Gulf of Mexico is nearing an end. The static kill is working, as the mud that was forced down a blown-out well is holding down the flow of oil.

The next step would be deciding whether to cement the well. For the past three months, BP has been drilling a relief well, which will be used later this month to execute a "bottom kill." The "bottom kill" involves mud and cement being injected into the bedrock 2 1/2 miles below the sea floor. Federal officials said they won't declare complete victory until they get into the well from the other end.

There is a lot of work to do in the Gulf of Mexico. The amount of oil remaining in the water from this oil spill - or washed up on the shore - is still more than four times the size of the 1989 Exxon Valdez spill.

This disaster could end up costing BP $21 Billion in fines. These fines are in additional to the $20 Billion escrow fund the company has set up to pay damage claims.