The Huffington Post is reporting that the oil is gushing out at 70,000 barrels per day and that much of it remains underwater. According to one estimate, the amount of discharge equals that of the Exxon Valdez spill every 4 days (roughly 11 million gallons).
The shape of the blob reminds me of the Gerrymander, a monster created in "1812 when Governor Gerry signed a bill into law that redistricted his state to benefit his Democratic-Republican party. One of the resulting contorted districts was said to resemble a salamander. The term first appeared in the Boston Centinel on March 26, 1812." (Wikipedia)