What Would Libertarians Do About The Gulf?

Edward Glaeser wants to know:

Consider the purely hypothetical case of a massive oil spill in theGulf of Mexico. The traditional libertarian would argue that regulationis unnecessary because the tort system will hold the driller liable forany damage. But what if the leak is so vast that the driller doesn'thave the resources to pay? The libertarian would respond that thedriller should have been forced to post a bond or pay for sufficientinsurance to cover any conceivable spill. Perhaps, but...