Final answer:
In the event of a tire blowout, one should maintain a firm grip on the steering wheel, decelerate gradually by easing off the gas, and then apply the brakes gently after slowing down to steer the vehicle to safety.
Step-by-step explanation:
If you experience a tire blowout, the correct action to take is to maintain a firm grip on the steering wheel and avoid braking suddenly. Instead, you should gradually decelerate by easing off the gas pedal and carefully steer to maintain control. Once the vehicle has slowed down significantly, you can gently apply the brakes and steer to a safe area off the road. Accelerating to overcome drag (option C) could further destabilize the vehicle and is not advisable. Braking firmly (option B) or holding the steering wheel loosely (option A) can also cause loss of control. Therefore, the correct option would be none of the above (option D).