I don't know much about this stuff but I have a decent nose for bad journalism and cranky ideas so let's look at the report for signs of credibility
Ominous reports are leaking past the BP Gulf salvage operation news blackout that the disaster unfolding in the Gulf of Mexico may be about to reach biblical proportions.
251 million years ago a mammoth undersea methane bubble caused massive explosions, poisoned the atmosphere and destroyed more than 96 percent of all life on Earth.  Experts agree that what is known as the Permian extinction event was the greatest mass extinction event in the history of the world. 
First, apparently there is a 'news blackout'. I don't think so.
Since the major plank of its argument is an under sea 'methane bubble' extrapolated into an extinction we can't give the report any real credibility since that is only a theory along with meteor impacts, volcano activity, massive forest fires, alien disease... take your pick since experts certainly don't 'agree'.
It didn't kill '96% of all life on earth' either.
Hopefully a drilling engineer will be along shortly to tell us about the likelihood of a 'methane bubble' forming at all from the leaking Gulf well, still less one capable of an extinction event.