Methane gas which is frozen in water ice (Methane hydrate)is a common phenomenon in most cold ocean basins. It is stable under the temperatures and pressures under which it forms.
Geologically, when global sea level falls, prssure decreases and some of the gas is released as bubbles. It represents the greatest supply of natural gas yet found, but no ones knows how to capture the gas economically yet.
There is some evidence on the Norwegian shelf of the gas triggering landslides and possibly a Tsunamis,but this is not going to happen a mile below the Gulf. There certainly is no volcanic caldera in the Gulf and the only crater was caused by the meterorite impact which probably killed off the dinosaurs. This well will be plugged within the next few months and the Gulf of Mexico will not explode. Then we can deal with the aftermath of the millions of gallons of poison dispersants they have been using. For more facts not fiction about the BP oil spill and Armageddon-NOT - but an environmental disaster which is destroying the local economy and the lives of individuals.
These should remain the focus of our concern.