Some here are using this as an excuse to push for new government regulation and claim that Laissez-Faire economics does not work. I believe increased government regulation and protection has actually contributed to the problem of excessive risks being taken by many, including BP. Failure is no longer feared because of government bailouts. Remove the bailouts, and fear of failure will keep risks better controlled.
As far as this specific failure, this kind of highly unlikely failure is what insurance was invented for. Government regulations didn't stop this from happening. The government can only regulate and control that which it foresees. This usually means it adds regulations *after* something bad happens. Thus governments tend to be reactive.
At any rate, existing law covers this type of situation just fine. The harmed governments, industries, companies, and individuals will sue and win large settlements from BP and its insurers. Losses due to payments and increased insurance costs will hit the share price, punishing the owners (shareholders) of BP for what has happened. None of this requires new regulation. In fact, any new regulation will result in punishment being distributed beyond BP to others who were not responsible. This will likely lead to increased prices at the pump, which will then mean you and I are the ones being punished. Is this the fairness you propose?