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A NOAA study released today confirms previous reports that oil was spreading below the surface. The heavy liquid is not floating up to the surface as one might expect. This 3D map shows detected levels of oil, along with unrelated seepage from the ocean floor.

Although underwater oil plumes could cause lethal oxygen depletion — as Matthew Simmons warns — these levels are NOT severe enough to kill aquatic life:

Dissolved oxygen measurements sometimes show a drop in dissolved oxygen at or below a depth of 1,000 meters, although these drops were not severe enough to indicate impending hypoxic conditions.

More unsettling but not terrible news from the Gulf. Check out the future of American offshore –>

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UPDATE: BP will keep the cap closed until it fears the well is at risk, Operations Chief Doug Suttles said in a conference call this morning.

This contradicts orders from Admiral Allen to open the well and begin siphoning oil — to avoid a possible pressure-buildup.

So who’s behind the wheel? And is BP about to take a huge risk?

PREVIOUSLY: Admiral Allen has ordered BP to open the containment cap that they finally closed last Thursday, according to Bloomberg. BP will return to siphoning oil from the well, capturing more than ever before.

While changing equipment, oil will leak unimpeded into the Gulf.

But what’s most worrying are signs of ongoing uncertainty about well integrity. Opening the well is a precaution against an apocalyptic ocean floor collapse:

Allowing oil to flow from the well will make the final kill procedure easier and safer, as it will lower the pressure in the reservoir and make any potential hidden leaks less risky, [Houston professor] Van Nieuwenhuise said.

In other words, the final relief well procedure will NOT be a cakewalk.

Don’t miss: 16 Burning Questions About The Oil Spill We Deserve To Have Answered

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After bedbug infestation forced store closures at Hollister and Abercrombie & Fitch in Manhattan, we ask Are There Bedbugs In The New York Retail Supply Chain?

The answer is yes (via @alea).

Last night they struck Victoria’s Secret, according to CNBC:

“As a proactive measure, we tested our Manhattan stores,” the spokesperson said. “When we found small, isolated areas that may have been impacted, we immediately took action to resolve the situation.”

All merchandise found with bedbugs was destroyed, according to reports. Bedbug-detecting dogs were at the site, on Lexington Avenue and 58th Street, and cryonite was used to freeze and kill the pests.

Could it have to do with the record-setting heat?

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Doug Kass called the bottom on July 1 via Twitter. It was looking like another legendary call until today happened:

But in fact, Kass was already backtracking in a column this morning:

It still remains my view that the S&P 500 has made its low for the year, but, from my perch, the developing downbeat economic conditions will trump the nonrecurring events at BP, Goldman Sachs and Apple, and, in the days ahead, stocks will erase some of the recent breathtaking gains.

Prior to the recent soft patch, most economists and strategists expected a self-sustaining economic recovery that might average at least 3% GDP growth. Now, many of those same economists and strategists are begrudgingly reducing their growth forecasts and taking the slippery slope by rationalizing their bullish S&P targets, and they are making a valuation case and/or identifying negative extremes in sentiment (whether it is in a growing bears/bull ratio, the absence of flows into domestic equity funds or in investor fervor/popularity associated with the fixed-income market) to do so.

Don’t miss: A Primer On Why Everyone Thinks The Economy Is Headed Into The Toilet Again –>

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Admiral Allen has cleared BP to commence integrity test and attempt to close the well. From @BP_america:

• Early this afternoon, I briefed President & Cabinet & we will tell BP to proceed w/ well integrity test. -Adm Allen
• We will start to increase pressure in capping stack in 6 hr intervals to review pressure data as well as sonar & acoustic data. -Adm Allen
• Well integrity test will run for 48 hrs. Then, we stand down, assess where we are at & what to do next. -Adm Allen
• We are building out an enhanced containment strategy in case the tests do not go well & we have to continue containment. -Adm Allen

The White House stopped the test yesterday to allow more analysis of potential risks. With Allen now talking about backup plans, it’s clear these risks still exist — and they’re better than the alternative.

Watch this live cam closely and you will see BP attempt to close the leak:

Don’t miss: Amazing Photos Of Surfers In The Oil Spill

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