Yes, the EPA is closely watching the oil spill and has required BP to prepare a monitoring and assessment plan for the effects on the subsurface and surface applications of dispersants in the water. One way to look at it is that the EPA is responding to the oil spill on the scientific front; analyzing and advising the coast guard with collected environmental data.
To add on to the answer above, the EPA has conducted studies to determine to effects of the oil, disperant (corexit9500), and the oil/dispersant mixture on sea life. The study determined that the oil was the most toxic, even more toxic than the oil/dispersant mix, for two sensitive Gulf species of fish and shrimp.
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