Does anyone know if its just possible to blow up the site where the oil rig was, at the base, to simply shut the hole and plug up the entrance?

I figure explosive experts always know how to rig up a building to blow up so it will blow inward instead of out. Can’t they do the same with this and stop the spill. Its going to cost way more in sea life and clean up than what they will probably loose in actual oil till they can drill for it again.
Unless the explosion is going to cause more damage, I don’t see why it wouldn’t be an option.