So it follows, when you do a good job you will gain your desired stability. And I commend those of you out in the field who are working conscientiously toward this goal. But, clear, consistent environmental regulations will continue to be a key factor in preventing disasters and promoting a responsible, innovative industry. Those of you here today who suggest that regulation is primarily a barrier are ignoring vital realities. This enhances productivity and makes companies more competitive, not less.
Regulation drives innovation.
And the voluntary measures, so favoured by some in the industry, do not provide adequate safeguards for the public or certainty for the industry. And studies show that without regulations industry will not meet environmental standards. Loose laws lead to bad actors which lead to greater uncertainty for all. We are moving into an era where clean water is more precious than gold. Companies that underestimate this fact will be do so at their own peril, and that of their shareholders.