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2 <br />WHAT ARE THESE REGULATIONS ALL ABOUT? <br />The U.S. Environmental Protection Agency (EPA) has published final regulations concerning financial <br />responsibilities if you own or operate underground storage tank systems containing petroleum. (EPA <br />plans to develop similar regulations for tanks containing hazardous substances in the future.) Al- <br />though the full regulations appear in the I ae_ ig ster (October 26, 1988), this brochure provides a <br />brief summary and answers some important questions about your financial responsibilities. <br />Why Has EPA Written These <br />New • • <br />Several million underground storage tank sys- <br />tems (USTs) in the United States contain petro- <br />leum. Tens of thousands of these USTs, in- <br />cluding their piping, are currently leaking. <br />Many more are expected to leak in the future. <br />Leaking USTs can cause fires or explosions <br />that threaten human safety. In addition, leak- <br />ing USTs can contaminate nearby ground wa- <br />ter. Because many of us depend on ground <br />water for the water we drink, Federal legisla- <br />tion seeks to safeguard our nation's ground- <br />water resources. <br />Congress responded in 1984 to the problem of <br />leaking USTs by adding Subtitle I to the Re- <br />source Conservation and Recovery Act. Sub- <br />title I requires EPA to develop regulations to <br />protect human health and the environment from <br />leaking USTs and specifically mandates re- <br />quirements for financial responsibility. <br />What Is "Financial <br />Responsibility"And Why Is It <br />Necessary For • <br />Financial responsibility means that if you own <br />or operate an UST, you must ensure, either <br />through insurance or other means explained <br />below, that there will be money to help pay for <br />the costs of third -party liability and corrective <br />action caused by a leak from your tank. These <br />costs could include cleaning up leaked petro- <br />leum, correcting environmental damage, sup- <br />plying drinking water, and compensating <br />people for personal injury or property damage. <br />Financial responsibility also protects you. If <br />your UST leaks, you may be faced with high <br />cleanup costs or with lawsuits brought by third <br />parties. Having financial responsibility means <br />that money will be available to meet these <br />costs. <br />