@spendius,
You are applying a long discredited operating principle, spendius. In most applications the rewards of rigorous safety standards are greater reliability and lower net cost. In management speak, the indirect cost of non-compliance (with sound engineering and operating standards) is generally far greater than the direct costs of compliance.
The well in question wasn't the only deep well in the gulf, but it is the one that failed. BP may well be found to simply be the victim of an unusual and truly extraordinary event. However, much more likely (and far more common in such events) is the possibility that this event was the result of a related chain of failures and oversights, most links of which had been in place in BP drilling operations for some time - a defective, inadequately supervised system needing only one more failure to create a catastrophe. Certainly the recent BP safety record in their other U.S. operations strongly suggests this is true.
We, all of us, youself included, are dependant on many inherently risky systems in our daily lives. These include air, rail & road transportation systems for ourselves and the goods we consume; electrical power and fuel generation & distribution systems; satelite communication syatems, including launch vehicles; and many others. The fact that we eat, drink beer, watch television, use electric lights and heat our homes doesn't make us responsible for the occasional failures that beset these usually very reliable systems. Instead we demand reliable service and reward those who provide it and (primarily through the market) punish those who fail.
I'll readily agree that our government is behaving in an irresponsible and self-serving way in its reaction to the catastrophe. Blaming others and demonizing those who oppose or embarass it are, sadly, its normal mode of operation.