an oilcano is the ongoing disaster taking place on the ocean floor in the Gulf of Mexico. Historically, oil spills occurred when an oil tanker leaked it's oily cargo onto the surface of an aquatic area. An oilcano occurs when a collapsed drilling platform crushes its pipeline and oil gushes oil straight from its reservoir deep beneath the surface of the earth, much like lava is known to gush from active volcanoes.
Todd: That oil spill in the Gulf is getting worse and worse everyday!
Gary: It's not an oil spill; it's an oilcano!
Gary: It's not an oil spill; it's an oilcano!
by 8ankh June 28, 2010
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