After Top Kill Fails, BP Readies Plan B

Gulf Coast residents are beyond disappointed that oil is till gushing into the Gulf of Mexico. And their emotions, like the oil, are surfacing, reports CBS News correspondent Don Teague. There's anger and frustration in Louisiana after BP's latest failure to stop the oil gushing from its blown out well.

Even as hundreds of protesters gathered in New Orleans, BP turned its attention today to the next effort to capture the leaking oil: Cutting off the broken riser pipe, putting a cap over it and using a new pipe to siphon oil to containment ships on the surface.

The new effort will take time, says BP. Even if it's successful, it won't stop all of the leaking oil.

Special Section: Disaster in the Gulf

"That program will take through the end of the week to have that cap in place and operating," said BP CEO Tony Hayward. "The uncertainty is about what percentage of the oil can we capture."

The final solution - a relief well - won't be ready until August, and that's if the weather cooperates. Hurricane season begins on Tuesday.

"What we are trying to do is create an engineered solution so that we can remain on station essentially through, not perhaps the heart of a hurricane, but through the very rough weather associated with a hurricane somewhere in the gulf," said Hayward.

The leaking oil, which has already come ashore on beaches and marshes in Grand Isle, has devastated the tourist and fishing dependent economy here.

"There a beast that's worse than a hurricane in the Gulf of Mexico," said Grand Isle mayor David Carmadelle.

With the Memorial Day weekend an economic bust, locals decided to celebrate anyway, gushing oil or not.

"This is just a weekend for us to say hey, let's forget about it," said Grand Isle resident Dee Price. "We'll pick up Monday morning, we'll put our boots on and we'll go to work."

This part of Louisiana recovered from Hurricane Katrina and residents here say they'll recover from this. But with oil still pouring into the Gulf, the question is: How soon can that recovery even begin?