I certainly do not hope bp don't recover.
To start with, how many people do they employ in the uk? How many people in the us? How many in Italy? How many in Greece? That would be millions of people losing their jobs. How do you think that would affect the worlds economy?
The problem with bigger companies like this, is at an inspection of a piece of equipment they can be told something is faulty, but as long as the equipment is still doing it's job, it's not worth the money to fix bits. That's what happened here. Hopefully this will make them think twice next time they get informed about a minor fault. And actually fix it before it becomes a problem.
As for fuel prices. I'm not sure bp have the power to do that. They can't price themselves too far above shell. They may well have to just swallow the loss. It's actually rather shocking how little money they actually make on petrol anyway. At the current prices, they only make around 2p per litre. Thei money comes from crude oil... Unfortunately this accident with the crude oil, will no doubt affect the retail/pump side of the business, with spending cuts, no pay rises, running on less staff. Meaning some people may well end up earning less than the year before when you take into account inflation. But that's still better than those millions of people losing their jobs. Sure some of their places are fairly small and don't have too many employees (they only employ around 300 people in Italy) but the failure of the business would be catastrophic for other countries where more are employed.
Not to mention that if they go out of business, as a consumer, you will be severly limited to where you can buy fuel. Bp currently supply fuel to sainsburys, themselves, other supermarkets, and also some of the smaller name garages. You may find all the places near you are shut and suddenly you have a 20 mile drive to get more fuel.
Oh, it's that valve, the one to stop things like this happening that failed. That's the bit that broke.