Fracking Bans Could Affect Retirees Relying On Mineral Rights
January 25, 2015 1:44 AM
" DENVER (CBS4) – Some Colorado lawmakers say cities that ban fracking should have to pay the owners of the mineral rights who are impacted, and the cost could run in the millions of dollars.
Opponents say it puts one group’s rights above another’s. But supporters say mineral rights are property, and cities that ban fracking are essentially taking that property without compensation.
When Bradley Beck bought his house in Erie 12 years ago, it came with a bonus property — the minerals below. He now gets a check every month from Encana, which has a well just a few blocks away. But that could all change if Erie adopts a proposed moratorium on fracking.
“If the moratorium goes in that potential for income, for inheritance, goes away,” Beck said. “If you own that property and mineral rights you should be able to develop in a responsible way, or be compensated some way.”
Rep. Perry Buck, R-Berthoud, agrees.
“I’m a strong advocate for private property rights,” Buck said.
She’s introduced a bill that would require a local government that prohibits fracking to compensate mineral rights owners for the property she says the government took "
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