This uncontrolled release of crude oil into the gulf is definitely serious, however I think the author has omitted a few important details.

The ruptured hole in the sea floor is approximately 5,000 ft below the sea surface and subsequently experiences over 2,000 psi of pressure pushing down on that orifice. Then the well itself is another 25,000 to 30,000 feet of below the sea floor, so the pressure there could be in excess of 10,000 to 15,000 psi. So even if the pressure at that point is in the 20,000 to 30,000 psi range, it should practically stop flowing freely once the pressure reaches an equilibrium.

That damage still may be in the catastrophic category, but the flow will begin to slow at some point preventing the emptying of the entire oil well.

In any event. it is a disaster and will likely squash the recent push by Obama to relax offshore drilling regulations.

The lawyers have definitely instructed BP executives to try and shift blame to the oil rig leasing company. Ultimately, they (BP) are accountable and will pay dearly for this.