This is a disaster, but many blogs have gone as far to declare this an extinction level event. We should all calm down a bit.

1) The Ixatoc in Mexico blew out for 10 months and put more oil in the gulf than this one, yet the Earth survived.

2) Oil has naturally seeped into the Ocean for millions of years. Roberto Debaca recaulked his ship from tar on the beach at Port Isabelle in 1519.

3) Although the oil is bad, according to 10 things about the slick there was a comment about the natural gas changing the climate. According to the IPCC which has a vested interest in global warming exaggeration there are currently 600 teragram of methane annually put into the atmoshere by natural and man made sources. Doing a few unit conversions this amounts to around 85,000 million cubic feet of methane per day. At the most hysterical estimates this well is blowing  out is around 76 MMCFD. I don't think we need to get excited about the gas.

4) I am at least as worried about how the Obama Marxists are going to spin this into taking over the entire energy industry.