Considering how long it would take for the fire to go out and how much more damage it would cause, setting the oil on fire is not a good option. Cleanups usually try to restore and help the environment, not destroy it more. They use all sorts of techniques to clean up oil, techniques that are as non-envasive as possible. I am sure there are websites with more info. I remember even hearing that pantyhose with hair in it was used to clean up oil in water.
It was off the coast off Spain and the WWF estimates that if all the oil spills out it will be twice as big as the Exxon Valdez Spill in Alaska in 1989. Officials don't know if oil is leaking from the bow or not or even how much. So it could very well end up being bigger than the 89 oil spill.
I really hope that it isn't as big or as horrible as the Alaska oil spill. I hope that the officials can keep it contained and not let it destroy tons of wildlife.
Just my two cents worth of opinions and other facts.