The term is accurate in this context.
Holocaust = murder on a mass scale.
Future videos will show exactly how appropriate this term is, but in short, not only has BP unleashed an uncontainable disaster of geologic proportions, it's also spraying tons of a highly toxic substance - coexit - at night, against the "request" of the EPA, not to contain the oil, but to mask the scale and scope of the disaster.
This is not only creating a ecological catastrophe of unprecedented proportions, it will sicken and kill thousands, possibly millions, of people, contaminate drinking water, and damage crops and agricultural land.
And make no mistake, this catastrophe is a major bonanza for the Oil Industrial Complex.