Fracking Fund

Thu, 2011-08-11 06:15Carol Linnitt
Carol Linnitt's picture

New York Comptroller DiNapoli Introduces Frack Fund To Cover Industry Damage

Marcellus Protest

Although New York State comptroller Thomas DiNapoli has yet to take a stance on the issue of hydraulic fracturing within his state, he introduced legislation on Tuesday that will require the gas industry to pay into a frack fund that would cover environmental damages caused by the controversial process. The fund would be on standby during drilling and ready to issue compensation to landowners affected by fracking’s unfortunate side-effects, like air pollution and water contamination.

Taking its shape from an oil spill fund created in the 1970s that DiNapoli administers, the proposed legislation would require drillers to post a liability bond for damages before they begin. The legislation also proposes increased state involvement in emergency cleanup for which drillers will pay a surcharge on drilling permits.

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