Illinois Fracking Laws to Become Public this Friday

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Illinois Fracking Laws to Become Public this Friday Illinois fracking laws, which are expected to govern the state’s nascent drilling industry, are set to become public this Friday.

The rules may be approved by early September, paving the way for energy firms to start applying for licenses for exploratory drilling, reported the Chicago Tribune. Legislators are optimistic that the energy boom in the Illinois south will bring more revenue to the state coffers and create jobs to the weak downstate economy.

The Illinois Department of Natural Resources has spent much of its time analyzing over 35,000 comments submitted when it tabled its first draft of the proposed regulations, which were structured around a law that was approved over a year earlier. The department has up to November to finish drafting the law.

State Sen. Don Harmon (D-Oak Park), who is the co-chair of Illinois Legislature’s Joint Committee on Administrative Rules, disclosed that the IDNR plans to table the rules with the committee this Friday. Once the committee approves the rules, this will mark the final step in the efforts to govern the hydraulic fracturing industry.

Once the rules are tabled, the legislative committee has a 45-day window to approve the laws, propose changes, reject them totally or the regulations will automatically become law.

IDNR has conducted five public hearings to seek public opinion on the proposed regulations, which are very extensive, with around 100 different sections.

Meanwhile, Longmont, Co is continuing with its legal efforts to prohibit fracking. Local councilors voted overwhelmingly to file an appeal against a state judge’s decision that rescinded its ban on hydraulic fracturing. The councilors also extended an invitation to other cities with identical bans to join them.

The ban was approved by local voters in 2012, after which the oil and gas industry and state regulators filed a lawsuit challenging it. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com