How The Petroleum Industry Affects the Triple Bottom Line of The Dominican Republic

The triple bottom line is a term that refers to viewing the impacts of a company or industry through the lens of the effects it has on the three p’s: people, profit and planet. This term views the impacts in a holistic, approachable, and measurable way by looking at the effects it has on the three main prominent factors surrounding a business or industry. When talking about a country, the focus should be on the effects the industry and its individual companies have on the environment around them. This means the economic impact of the operations on the country and how that contributes to continued economic growth of the country and their people. Also, the effects the operations have on the surrounding environment and the flora and fauna found in the country. And lastly, it seeks to find out how the operations impact the people and communities around them. This impact can be negative but can be fixed through remediation efforts, environmental laws and reforms, and lastly job creation and support for local communities. The petroleum industry has substantial negative environmental and social impacts, but in response they have developed safeguards and parameters to regulate these impacts. These include zoning and environmental laws, cultural, academic and medical support for local communities, job creation, and a vast positive economic impact on the country.