I COMPLETELY AGREE ...
We already have competent regulations, just criminally incompetent regulators, who allowed unsafe drilling practices to occur.
If we stop (safe, properly regulated) off shore oil drilling and production, we will simply continue to increase the transfer of our nation's wealth to (often hostel) foreign nations, who then use OUR own money against us.
Not sure I would agree in that it is also OUR responsibility and I'm not convinced it isn't a regulatory problem.
MMS, the agency with primary responsibility to regulate and oversee offshore drilling, has been significantly cut in terms of both manpower and budget over the recent years. Those who routinely complain about government intervention, budget deficit and energy independence influence our elected officials and they aren't about to advocate larger, more expensive government. If they did, you wouldn't re-elect them.
All of which leads to less money allocated to government agencies like MMS. When you, I and everyone else start electing politicians who promise MORE government spending, we will have something to complain about. As it stands now, this is arguably OUR FAULT.
The lower number of inspectors, the frequency of inspection and the overall compliance with existing regulations is a function of budget limitations.
In terms of the adequacy of regulatory control, I am not familiar with all the specifics but I would suggest that no amount of regulatory control will ever eradicate human error, negligence or incompetence, all of which played a part here.
Long story short- there will always be oil spills and no amount of contingency planning will ever be adequate. Once the oil hits the water, it's too late regardless of how much effort and pre-planning goes into the response.