Based on your reading of the following passage, in what ways does the recent oil spill in the Gulf of Mexico provide a good example of the need for regulation? (Select all that apply.) The recent oil spill in the Gulf of Mexico was a wakeup call for many in the pipeline transportation industry for several reasons. Both immediate and longer term responses to the disaster in the industry showed that various businesses in transportation chains were unaware of how other links in the chain handled safety issues, or if they did at all. The environmental devastation of the failure was widespread and serious, and efforts to mitigate the damage have been largely unsuccessful. The economic impact of the spill, too, was significant to both private businesses and the government. The cost to private businesses highlights the reality that, although the government may have a stake in regulating the same issue in the future, since private companies bear the main burden of the cost, their stake is higher.
The cost to the government highlights a stake that the nation has in regulating the same issue in the future.
The regulation concerns areas that present safety concerns for the environment and may cause permanent damage.
The inability of players in transportation chains to identify who was handling safety issues and how they were handling them highlights a need for clarification of duties and roles within the industry.
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