Why are there no fail safes on US oil rigs ?

I am so mad since this oil spill in the Gulf of Mexico and I can't figure out why. I am now beginning to think I am actually mad at myself for being so naive. All my life I just figured that the Government had restrictions on the oil wells in this country. Fail safes that would stop the oil from being pumped out of the ground when disaster struck. What else can go wrong? What if there was a major earthquake in the Gulf of Mexico, are we prepared to say too bad and just write off this area of the world? I am beginning to see the world as depicted in science fiction movies about the future. Are there any that show earth as a thriving place? I don't think so. Unfortunately it seems that we strive to make the imaginations of Sci Fi writers come true and in that case the earth is facing a terrible not to far in the future end.