Life is Risk. However, there are:

0) Risks that you don't know about and can't until something else reveals them
1) Risks that you know or can know about
2) Risks that you can mitigate or avoid
3) Risks that you should mitigate or avoid because something bad can happen
4) Risks that you MUST mitigate or avoid because something bad has happened or clearly will if nothing is done

Regulation is normally about the 4th, and perhaps a few of the 3rd groups. It's not about eliminating all risk. Lawyers looking for a liability judgment do make excursions into the other levels, but it's hard to judge whether a risk in the first two or three categories, that hasn't (yet) appeared to be in one of the others, is something that can, should, or must be dealt with. Research deals with the first two or three categories.

N Dakota has simply discovered that the risk due to volatility of the oil has moved into the 4th category, due mainly to problems that have occurred as a result of it. In the absence of something that can be done immediately about the tank cars (other groups are suing FRA over that), the state is taking action regarding activities that it has jurisdiction over - things related to doing business in the state.