If you would have had property rights, somebody would have owned the fishing rights, and oil drillers couldn't go in there unless they had permission from the fisherman... There would be bonds put up, and there would have to be provisions for accidents like this.
But no, government gives them permission. They limit the liability of the oil companies, and then they say the taxpayer will pick up. That's a moral hazard, by saying the government is going to inspect and give the license and protect everybody. So it is the system that is wrong, rather than saying, 'well, the government just hasn't done enough.' They probably did too much too soon, and we would should think about another approach to problems like this.