Ever since the three Colorado cities of Lafayette, Longmont and Broomfield passed measures that banned fracking within their jurisdictions, they have spent $108,936 in defending the bans from lawsuits.
However, the money is so insignificant compared to the amounts that the three cities, along with Boulder city, have spent in drawing regulations to govern the controversial energy extraction method and enforce the bans, reported Boulder Daily Camera.
The four cities of Broomfield, Boulder, Longmont and Lafayette have spent a total of $312,272 on hydraulic fracturing-related lawsuits, an amount that appears to be increasing. However, the anti-fracking activists urged residents to look at the cost of rectifying the damage that would have been occasioned if fracking was allowed to continue.
“What is not being accounted for is the potential lost property values,” said Lafayette resident Cliff Willmeng, who lead efforts to ban fracking through his group East Boulder County United. “If all the homes in Lafayettelose $10,000 in value through their accommodation of oil and gas development, we’re talking a sum that is exponentially larger than the fraction of money that is being spent to defend our fundamental community rights.”
In Lafayette, where 60 percent of voters approved a measure that banned fracking in November, the city has spent $24,384 on legal services as of March 20 to defend itself against a lawsuit filed by the Colorado Oil & Gas Association (COGA).
Longmont, where voters banned fracking in 2012, spent $61,152 to defend itself against a lawsuit also filed by COGA. The money was drawn out of its general liability insurance fund. The city also spent $163,660 defending itself against a case filed by the Colorado Oil and Gas Conservation
On the other hand, Broomfield spent about $23,400 in defending itself against a lawsuit alleging there were flaws in the election. The city also spent $37,182 on engineering and legal advice when drafting the stricter anti-fracking laws last year.
Boulder, which last November extended its fracking ban by another five years, spent $2,494 on legal research on development of oil and gas industry within its borders. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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