British Petroleum is preparing a new attempt to contain its Gulf of Mexico oil spill amidst fears the well could continue leaking hundreds of thousands of gallons of oil a day at least through August. BP says it will carry out a “top kill” operation on Wednesday which involves pumping fluids to cap the well. But the company estimates only a 70 percent chance of success at best, raising the prospects of at least a three-month period before the leak is stopped. On Monday, BP CEO Tony Hayward acknowledged the company’s efforts have failed so far.

BP CEO Tony Hayward: “It’s clear that the defense of the shoreline at this point has not been successful, and I feel devastated by that, absolutely gutted. But what I can tell you is that we are here for the long haul, we are going to clean every drop of oil off the shore, we will remediate any environmental damage, and we will put the Gulf Coast right and back to normality as fast as we can.”

The Obama administration has threatened to sideline BP in the clean-up effort but continues to defer to the company for now. In a visit to the Gulf Coast, Interior Secretary Ken Salazar said the government will maintain pressure on BP.

Interior Secretary Ken Salazar: “I want to make it very clear: under the law, BP is the responsible party. BP is charged with capping their leaking oil well and paying for the response and for the recovery without limitation. They will be held accountable. We will keep our boot on their neck until the job gets done.”