Volcanism
The P-T boundary was marked with many volcanic eruptions. In the 'Siberian traps,' now a sub-Arctic wilderness, over 200,000 square kilometers were covered in torrents of lava. The Siberian 'flood basalt eruption', the biggest volcanic effect on Earth, lasted for millions of years.
The acid rain, global cooling, and other weather effects associated with enormous eruptions could have globally threatened life. Could volcanic activity over such a long time alter the climate enough to kill off 95% of life on Earth? Volcanic activity affects the concentration of atmospheric gases directly, and, indirectly, the oceanic dissolved gases. Increases in carbon dioxide enhance the greenhouse effect and cause global warming, which would reduce the temperature gradient between the equator and the poles. As a result, thermo-haline circulation would slow and eventually stop. The oceans would stagnate, and nutrients would fail to disperse themselves. Many marine ecosystems rely on upwelling and circulation of nutrients, oxygen included; without the regular circulation, organisms would starve or suffocate. In addition, sulfur and particulates contribute to cooling, or volcanic winter, which usually lasts three to six months. Combinations of the two effects could produce a cooling cycle in which the climate alternatively warms then cools. Such temperature fluctuations could cause connective overturn of the oceans, bringing anoxic bottom waters to the surface; in an already oxygen-deprived envirnoment, this would be fatal to many forms of life.
Significant evidence supports this theory. Fluctuations in air and water temperature are evident in the fossil record, and the uranium/thorium ratios of late Permian sediments indicate that the oceans were severely anoxic around the time of the extinction. Numerous indicators of volcanic activity at the P-T boundary are present, though they are similar to bolide impact indicators, including iridium deposits. The volcanism theory has the advantage over the bolide theory, though, in that it is certain that an eruption of the Siberian Traps -- the largest known eruption in the history of Earth -- occurred at this time, while no direct evidence of bolide impact has been located.
The Permian extinction is unequalled; it is obviously not easy to destroy almost all life on Earth. The difficulty in imagining a single cause of such an event has led to an explanation humorously termed the "Murder on the Orient Express" theory (Wikipedia contains spoilers): they all did it.
Continental drift created a non-fatal but precariously balanced global environment, a supernova weakened the ozone layer, and then a large meteor impact triggered the eruption of the Siberian Traps.
There is no way to calculate the odds of such a coincidence, but for it to have occurred once in the four thousand million year history of Earth is not unbelievable.
Methane hydrate gasification
In 2002, a BBC2 'Horizons' documentary, 'The Day the Earth Almost Died' summarized some recent findings and speculation concerning the Permian extinction event.Paul Wignall examined Permian strata in Greenland and ascertained that he extinction lasted merely 80,000 years and showed three distinctive phases in the plant and animal fossils they contained. The extinction appeared to kill land and marine life selectively at different times. Such a process seemed too long, however, to be accounted for by a meteorite strike. His best clue was the carbon isotope balance in the rock, which showed an increase in carbon-12 over time. The standard explanation for such a spike - rotting vegetation - seemed insufficient.
Geologist Gerry Dickens suggested that the increased carbon-12 could have been rapidly released by upwellings of frozen methane hydrate from the seabeds. Experiments to assess how large a rise in deep sea temperature would be required to gasify solid methane hydrate suggested that a rise of 5°C would be sufficient. Released from the pressures of the ocean depths, methan hydrate expands to creat huge volumes of methane gas, one of the most powerful of the 'greenhouse gases.' The resulting additional 5°C rise in average temperatures would have been sufficient to kill off most of the life on earth.
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