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States Challenge Attempted Federal Power Grab in Hydraulic Fracturing Issue

Oklahoma City, OK (PRWEB) June 10, 2009

The Interstate Oil and Gas Compact Commission (IOGCC) reaffirmed its strong stance today that the states remain the best positioned to regulate the use of hydraulic fracturing for the production of oil and natural gas.

The response comes on the heels of a bill introduced in the House and the Senate yesterday calling for the repeal of the exemption of hydraulic fracturing from the Safe Drinking Water Act (SDWA), which would ultimately give the federal government jurisdiction over the regulation of the technology.

“The states do a superb job of protecting human health and the environment through sound regulation,” said Carl Michael Smith, IOGCC executive director. “An unnecessary shift to federal regulation of hydraulic fracturing could greatly inhibit the production of much-needed oil and natural gas resources at a time when our nation’s energy security is critical.”

Hydraulic fracturing is a common half century old technology that plays a major role in the development of virtually all unconventional oil and natural gas resources. Recently some have made claims that the process can contaminate underground drinking water sources.

Historically the states have been the primary regulators of hydraulic fracturing. IOGCC member states each have comprehensive laws and regulations to provide for safe operations and to protect drinking water sources, and have trained personnel to effectively regulate oil and natural gas exploration and production.

Multiple studies have been conducted on this issue, including an extensive study by the U.S. EPA in 2004 and a survey of IOGCC member state regulators. To date there are no verified cases of contamination of underground drinking water as a result of the process.

“As the head regulator of oil and natural gas development in the state of North Dakota and an officer of the IOGCC representing all oil and natural gas producing state regulators, I can assure you that we have no higher priority than the protection of our states’ water resources,” said Lynn Helms, director of North Dakota’s Department of Mineral Resources in a House Energy and Mineral Resources Subcommittee hearing last week. “It is my firmly held view and that of the IOGCC that the subject of hydraulic fracturing is adequately regulated by the states and needs no further study.”

The IOGCC passed a resolution urging Congress to refrain from taking action on this issue in December of last year maintaining that SDWA was never intended to grant the federal government authority to regulate oil and gas drilling and production operations, such as “hydraulic fracturing,” under the Underground Injection Control program. Since that time several states have followed suit and filed their own resolutions, including Alabama, Louisiana, North Dakota, Oklahoma, Texas, Utah and Wyoming.

“Regulation of hydraulic fracturing as underground injection under the SDWA would impose significant administrative costs on the state, substantially increase the cost of drilling oil and natural gas wells with no resulting environmental benefits, and increase energy costs to the consumer,” the resolution stated.

To view IOGCC’s full resolution, visit http://www.iogcc.state.ok.us.

The IOGCC, representing the governors of 30 member and eight associate states, promotes the conservation and efficient recovery of the nation’s oil and natural gas resources while protecting health, safety, and the environment. Established by the charter member states’ governors in 1935, it is the oldest, largest, and most effective interstate compact in the nation.

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Affordability has always been an issue especially for home buyers. But with the large inventory of cheap houses for sale, home buyers can find the home of their dreams even with a small budget.

It is not a secret that foreclosure homes are usually priced way below their market values. Usually, the bases for the price are the mortgage loan balance and the foreclosure cost. The sellers of these distressed properties are not really keen on earning a profit but merely recovering the losses they incurred when the original owner defaulted.

Where to Look

If you think that buying one of these cheap houses for sale, foreclosures in particular, will help you realize your dream of home ownership, then the next step to take is to find one. At this point, you can choose among pre-foreclosures, foreclosures at auctions and REOs or bank foreclosures. You could do it the old-fashioned way or subscribe to online foreclosure listings.

Of course, the latter will provide you with more convenience and cut your search time significantly. Just make sure that you subscribe to one that is offered by a reliable and reputable foreclosure broker.

What to Do

As soon as you have zeroed in on the perfect repo home, it is now time to get serious. You might feel complacent especially if you consider the property a bargain but remember that you still have to do your part. First of all, getting it inspected for structural damage is a very good idea since repair expenses could be very costly. Checking for secondary liens or encumbrances is a must as well.

Also, you might want to learn about the neighborhood and local real estate market trend particularly if you are thinking of buying one of these cheap houses for sale and re-selling it for a nice profit or renting it out.

After carefully going over everything, you can now make an offer. If you want your offer to be competitive, you should do comparative sales and have a pre-approval letter on hand.

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