BP *wanted* to drill at this depth because the Macondo Plateau had tremendous reserves under it (as we now have the proof).\
Here are the documents they filed with the MMS explaining that safer technology and the prospect of extremely high-production wells are the main reason they are doing so much deep-water drilling.
http://www.gomr.mms.gov/homepg/offshore/deepwtr.html
If we explore a bit beyond the “wacky environmentalists made them do this” slogan, we find out that this sort of exploration was *entirely the choice of the industry.* They WANT to drill there because it is so profitable.
It comes down to risk vs profit. Obviously there was more than enough profit motive to risk the deep water well. They are now having to deal with that decision and it will have to bite into their profits.
Its funny though the oil companies must pay up when their risky investments go south yet the auto and finance industries get a pass. That can still be chalked up to the “wacky environmentalists” in fostering the idea that oil companies are somehow evil.