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venice,louisiana(reuters)bpplcovercameasnaginitslatestefforttocurbthegulfofmexicooilspillasthebritishenergygiantssharesstabilizedonwednesdayandpartsofthehugeoilslickcreptnearflorida.Thecompanyslatestplanistocutawaytheleakingriserpipeprotrudingfromtherupturedwellheadontheseafloor,thenloweracontainmentcapontotheremainingapparatustotrapmuchoftheescapingoilandfunnelittothesurface.Thediamond-tippedsawusedtoseverthepipebecamestuckonwednesday,butbpmanagedtodislodgethecuttingtoolafterseveralhoursofdifficultmaneuveringofitsrobotsubmarinesonthegulffloor,allowingtheoperationtocontinue,asourcefamiliarwiththeoperationtoldreuters.Iftheremote-controlledsawsmanagetosliceoffremainingbitsofthepipeandprovideasmoothfoundationatthetopofthewellassembly,bpaimstoplacethecontainmentcapwitharubbersealovertheopeningtosiphonoffmostoftheoil.Asthedesperateefforttocontaintheunderseagusherproceededamiledeepunderwater,escapingoilonthesurfacestretchedeverfartheracrossacoastalregionwhosevitalseafoodandtourismindustrieshavebeenshakenforweeksbytheworstu.S.Oilspillinhistory.Heavieramountsoftarballsandotheroildebriswasheduponalabamasdauphinislandandpartsofmississippiwhiletoxicgoofromthefar-flungslickcreptwithin10milesoffloridasnorthwestpanhandle.Tourist-magnetfloridaisrampingupreconnaissanceeffortsandpreparingtodeploymoreboomsandconductcoastalcleanups.Officialspreparedforlandfallthatcouldcomeasearlyasfriday.Inlouisiana,hardesthitsofarbytheoilslick,governorbobbyjindalannouncedwhitehouseapprovalforacontroversialplantobuildfivelargeoffshorebermswithsanddredgedfromtheseafloortohelpshieldthestatesfragilecoastline.Criticshavequestionedwhethertheartificialbarrierislandscanbebuiltupquicklyenoughtokeepmoreoilfromwashingashore.Butsupportersoftheplansaythespillislikelytoremainathreattolouisianaformonths,andthatthebermscouldprovecrucialinholdingbackoildebristhatwouldotherwisebesweptinlandbyhurricanes.U.S.Coastguardadmiralthadallensaidhehasdirectedbptopayforthefivebermprojects,inadditiontoonehealreadyapprovedlastweek.Buttherewasnoimmediatewordontheestimatedcostoftheeffort.Reliefwellsbp,nowfacingau.S.Criminalinvestigation,haslostone-thirdofitsmarketvalue,orabout$67billion(46billionpounds),sincetheapril20oilrigexplosionthatkilled11crewmenandunleashedthespill.Thelatestplantocurbtheoilflow,afterbpfailedinitstopkillattemptatpluggingthewell,iswidelyseenasthelastbesthopeofatleastcontainingtheruptureuntilaugust,whentworeliefwellsaimedathaltingthegusherareexpectedtobefinished.Thislatestattemptedfixmayactuallyincreasetheflowofoil,atleasttemporarily,beforethewellcanbecontrolled.Presidentbarackobama,facingoneofthebiggestchallengestohispresidency,isunderrelentlesspressuretostoptheleak.Vicepresidentjoebidenrejectedcriticismoftheadministrationshandlingofthedisaster.Frommyperspective,ithinkiftheresanymistakemade(itis)thatwehaventcommunicatedclearlyenoughwhatthepresidenthasdoneonthisoilspillfromthebeginning,bidentoldpbscharlieroseshow.Inaspeechinpittsburgh,obamasaiditistimefortheunitedstatestoembraceacleanenergyfuturebecauseoftheinherentrisksofdrillingdeepintotheearthforoil.Thecatastropheunfoldinginthegulfrightnowmayprovetobearesultofhumanerror--orcorporationstakingdangerousshort-cutsthatcompromisedsafety,obamasaid.Bpsharesrecoveredfromanearlierdiptoclosenearlyunchangedinlondononwednesday,whilethecompanysnewyork-tradedsharesrosemorethanapoint;bothequitiesplungedover10percentontuesday.Theoutlookforbpwasfurthercloudedasthemarketbarometerofthecompanysriskofdefaultingonitsdebthitanewhighonwednesday,reflectinggrowingconcernsaboutbpsexposuretothemountingcostsofthegulfspill.Creditdefaultswapsprotectingbpsdebtjumped87basispointstoarecord255basispoints,or$255,000peryeartoinsure$10millionforfiveyears,accordingtomarkitintraday.Bycomparison,thoseswapsstoodatabout100basispointslastfridayand42basispointsinapril.Thecostofinsuringthedebtofrigoperatortransoceanandanadarkopetroleumcorp,whichownsa25percentstakeintheblown-outwell,alsoreachedrecordlevelsonwednesday.Meanwhile,bpchiefexecutivetonyhaywardissuedanapologyforhislatestpublicrelationsgaffe,sayinghewasappalledbyhisownwidelyreportedremarkthatiwantmylifeback--acommentthatstirredangerinthegulfregionwherethespillisdestroyinglivelihoods.Thosewordsdontrepresenthowifeelaboutthistragedy,hesaid.Offalabama,asectionofdauphinislandbeachwellknownforitspowder-whitesandwascoveredwithpatchesofblackandanorangesheen.Hundredsofworkersandaround150boatssetouttolaymoreprotectiveboomsaroundtheisland,thoughtheyweredelayedbyasquallthatpassedoverthetouristhaven.Itissodepressing.Itisreallyhappening.Itreallywontgoaway.Andtheamericanpeoplereallydontknowwhathashitthem,saiddauphinislandhomeownercarolinegraves.Deep-seasurgerybpslatestcut-and-capoperation,whichcouldtake72hourstocomplete,isintendedtocollectalargeportionofthebillowingoilandchannelitthroughahosetoashiponthesurfaceofthegulf.Thecapisequippedwithvalvestoallowoperatorstoinjectmethanolorwarmwaterthatwouldpreventthebuildupofslushygashydratesthatthwartedanearliersiphoningeffort.Butsawingofftheendofthedamagedriserpipethroughwhichoilhasbeenpouringnon-stopcouldincreasetheflowofcrudeby20percentuntilthecapisinplace.Asmuchas19,000barrelsofoil(800,000gallonsor3millionliters)adayhasbeenpouringintothegulfoffthecoastoflouisianasincetherigexplosion.Theaccidentranksastheworstoilspillinu.S.History,surpassingthe1989exxonvaldeztankerdisasterinalaska.Thespreadingslickcoincidedwiththeofficialstartoftheatlantichurricaneseason,whichforecasterssaycouldbethestormiestsince2005,whenkatrinaandritawreakedhavoconthegulfcoast.Commercialfishing,shrimpingandoysterharvestshavebeenshutdownforweeksalongmuchofthegulfcoast,hometoa$6.5billionseafoodindustry.Whilecleanupcrewshaveattackedtheoilslickonthesurfacewithskimmers,dispersantsandcontrolledburns,shoreline-protectionteamshavescurriedtoblockthespreadofoilwithcontainmentbooms,sandbagsandotherbarriers.Scientistsandgulfresidentsaremostconcernedabouttheencroachmentofoilintobayousandmarshesteemingwithshrimp,oysters,crabs,fish,birdsandotherwildlife.(Additionalreportingbykristenhaysandchrisbaltimoreinhouston,michaelpeltierintallahassee,jeremypelofskyinwashington,vernagatesondauphinisland,andjoannefrearsoninlondon;writingbystevegorman;editingbyericbeech)

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