The following is a comment thread found over on TheOilDrum.
What it contains is a blow-by-blow account of what has probably happened with the Macondo well explosion (down hole). It is a very sobering read. It depicts a totally out-of-control situation that is very, very bad, and likely to get even worse, which is certainly possible.
The worst case scenario is simply this (my “executive summary”): a oil gusher under the sea floor that cannot be stopped (ever). The entire oil reservoir will be drained dry, pumping billions of barrels of oil into the gulf. Included will be untold amounts of methane gas. The possibility of a explosion of such magnitude that I can’t even describe would exist. The environmental damage alone of an unstoppable well is almost beyond calculation. All of the Gulf of Mexico would be totally lost. All the coast lines throughout the Gulf, Florida and up the East Coast would be lost. Cuba, Bermuda, every island for thousands of miles around would be lost. And that’s just from the oil.