The BP trials seem to be nearing an end, but there's still more going on in the Gulf. Low oil prices have cut back on activity, but there's still a good amount going on. Many companies are keeping a robust exploration and production program in place because the Gulf of Mexico is a very stable region, with relatively large reserves still out there, with a major upside if oil prices rebound. In the US leases, the royalty is a flat percentage (~18%) no matter what the oil prices are. Overseas, if oil prices rise, other countries take a much higher royalty when prices spike (upwards of 90+%). In the US, this is a big draw for oil companies and the US government might not be maximizing revenues, but does have the benefit of shifting most of the risk onto the oil companies (see Nigeria and Saudi Arabia's budget mess).
Two items of interest I'll highlight right now.
A second one to mention: Taylor Energy is going to host a forum on their attempts to staunch the flow of their Mississippi Canyon 20 facility that toppled in Katrina. January 20th in Baton Rouge, if you want to attend. If you can't attend, some of the slides have been posted and are pretty neat to flip through.
Despite low oil prices, there's still plenty of activity in the Gulf!