NEW ORLEANS (TheStreet) -- BP (BP) - Get Report Saturday said it had collected 6,077 barrels of oil on Friday using the containment cap it placed over its leaking Gulf of Mexico well Thursday evening.
The announcement, which BP made on its Web site Saturday, means the oil company is making some progress in dealing with the leak after other attempts at stopping or containing it failed.
However, the 6,077 barrels (or 255,234 gallons) collected Friday is significantly less than the 500,000 to 1 million gallons that officials estimate are still spewing from the well each day.
It also pales in comparison with the amount of oil that has already been released into the Gulf of Mexico since BP's Deepwater Horizon drilling platform exploded six weeks ago -- 22 million to 47 million gallons, according to government estimates. More and more of that oil is washing onto Gulf Coast beaches and into wetlands.
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President Obama said Saturday on his weekly radio and Internet address that the government would make sure BP paid "every single dime" owed to people along the Gulf Coast.
Shares of BP finished Friday at $37.16.
This article was written by a staff member of TheStreet.com.