the injection of dispersant occurs at the leak source (i.e. at a depth of 5000 ft).
Water is composed of positive and negative charged regions. The opposite charged regions bind water molecules together. Oil molecules are bound by a different mechanism. They do not have similarly charged regions (i.e. water will not be attracted to it) and this prevents oil and water from "mixing" (this also provides a hint of why oil is so difficult to clean from certain plastics, both oil and some plastics are comprised of organic compounds bound by similar chains).
The dispersant effect is similar to what you see with a drop of dish detergent in the middle of olive oil floating in dish water. The dispersant breaks the oil into small droplets by forming a special structure that surrounds the oil. The size of the droplet is key. What is being suspected is the dispersant is changing the specific gravity of the oil droplets as a function of the size/mass of the oil droplets. The oil is no longer at its natural specific gravity of slightly less than one (i.e. it won't float up to the surface). The oil droplets are aggregating below the surface creating a relatively static column of oil below the surface. The hypothesis is that over time the currents should disperse the oil droplets randomly over large regions resulting in less damage than as a surface slick of pure oil (where it could be boomed and removed or burned). This is unproven. Obviously if a collection of particles of the same specific gravity is released in the same area and exposed to the same forces, all the particles will move in the same way. This explanation is still under investigation but some consensus exists.
A bunch of complex factors (temp, pressure, chemical composition of the dispersant) go into determining the exact composition and specific gravity of the captured oil droplets, I won't pretend to know the details of the chemistry involved. It is my understanding from reviewing various material that the larger the drop, the more likely it is to float up to the surface. I would appreciate any clarification or correction on this.
Below link is one of the better discussions. Here you will also see some discussion on the relationship between lipids and cell biology and why these dispersants may pose a serious health risk to animal life.
http://seminal.firedoglake.com/diary/50649Also see this:
http://en.wikipedia.org/wiki/Galileo_thermometerKeep in mind that water at that depth is about 3C and the water is composed of many different minerals. The oil is a mix of sand and other debris under high pressure. All of this determines specific gravity of the the captured oil droplets.