The oil leak in the Gulf coast is a big disaster, it is a lot of oil spilling at once in one place. It needs to be plugged up as soon as possible. However, I do not think it is the end of the world disaster that many of my liberal friends are making it out to be.
Remember the intro to the old television show the Beverly Hillbillies? In it Jed is hunting a rabbit and stumbles upon a pool of oil and the rest is history, he becomes very rich at the discovery of oil flowing out of the ground and onto his land. This is something that really does happen. In fact it happens all of the time, and it even happens on the ocean floor, letting that oil seep into the ocean. The ocean can handle some oil mixing with it. It can handle the amount of oil the BP leak is spitting out, and in fact the Gulf gets that much oil in natural oil seeps every year. The difference is that this is not as spread out, either by location or by time.
The point is that once the BP leak is plugged, the oil will mostly evaporate and the heavier parts of the oil will fall to the ocean floor as sediment. It is not the disaster of the century. It is a problem that needs to be addressed in a timely manner, but it is not worthy of the freakout some people are having.