A speed control apparatus for an inline pipeline inspection tool includes a body configured to be moved by a compressible product moving through a pipeline and a speed control mechanism supported by the body. The speed control mechanism includes a contact member that is positionable against an inner surface of the pipeline and an actuator configured to act on the contact member to adjust a speed of the body when the speed deviates from a predetermined speed. The speed control apparatus forms a drive system that provides forward propulsion to prevent the tool from slowing or stopping due to a problematic feature in the pipeline. The speed control apparatus also forms a brake system that minimizes overspeed conditions that can occur when built-up pressure initially dislodges the tool from the problematic feature in the pipeline.