The following is a rush transcript of the July 18, 2010, edition of "Fox News Sunday With Chris Wallace." This copy may not be in its final form and may be updated.

CHRIS WALLACE, ANCHOR: Joining us now to discuss the situation in the Gulf are Louisiana Republican Senator David Vitter and the president of Plaquemines Parish, Billy Nungesser.

Senator Vitter, based on all the information you're getting, just how good is the news about the oil well? And perhaps you can clear up some confusion for us, because a B.P. executive this morning said they liked the cap so much they'd like to keep it on until they kill the plug probably in mid-August.

On the other hand, Thad Allen, as we mentioned, is talking about opening up some aspects of the cap so they can collect the oil and bring it to the surface. Which is it going to be?

SEN. DAVID VITTER, R-LA.: Chris, my understanding is that they are going to still be bringing oil up to the surface and that's the safer route, but that may be in the process of being reexamined. But that was my understanding.

This is obviously big, big news, and hopefully it's going to hold, and hopefully it will mean we're really turning the corner in terms of the ongoing flow. But obviously, everybody is very cautious and these tests are continuing.

So we don't want to declare victory prematurely, but hopefully this will really be turning the corner. Even if it is, we still have major challenges, specifically two -- protecting our marshes and coasts, and dealing with the economic disaster, including the drilling moratorium.

WALLACE: We're going to get to both of those in a minute, but let me bring in Mr. Nungesser.

Are you prepared to say at this point that this well is now under control?

BILLY NUNGESSER, PRESIDENT OF PLAQUEMINES PARISH: Well, we're watching it closely. We hope so.  You know, this weekend for the first time our crews are picking up more oil than is being released, because none's being released. Before this, every day was a losing battle because the little bit we were pulling out the marsh, 100 times that was going back in. So we feel like we're making progress.

WALLACE: Senator Vitter, let's get to this question of the cleanup, because both of you are exactly right.

VITTER: Sure.

WALLACE: Even if not a drop more oil is spilled into the gulf, according to some estimates...

VITTER: Right.

WALLACE: ... as much as 200 million gallons of oil are already in the water.

Senator Vitter, how long will it...

VITTER: Right.

WALLACE: ... take to clean that up? And how long will it take to restore your state's coastline and especially, as we're seeing here on the screen, that very fragile marsh land?

VITTER: Well, ultimately, it will take years, Chris, and I hope everyone in the nation realizes that so we just don't forget about this story once the flow is stopped.

I also hope President Obama realizes that. He hasn't been to Louisiana since June 4th. I'm afraid he's decided to deal with this issue at least politically by not coming back here and trying to move it off of the front page rather than dealing with the situation forcefully.