HOUSTON Aug 4 Colorado Gov. John Hickenlooper
has persuaded anti-fracking groups to scrap two ballot
initiatives that would have curtailed oil and gas drilling, and
news of the agreement on Monday lifted share prices of oil
Hickenlooper, in a televised news conference, said he had
instead put together a task force with representatives from
industry, environmental groups and local communities to set
standards for the state's growing petroleum industry.
This "will provide an alternative to ballot initiatives
that, if successful, would have regulated the oil and gas
industry through the rigidity of constitutional amendments and
posed a significant threat to Colorado's economy," he said in a
broadcast by Denver's CBS station.
The compromise was seen as a positive for energy companies
with big operations in Colorado like Noble Energy Inc
and Anadarko Petroleum Corp, sending their share prices
up more than 5 percent.
Several municipalities in Colorado worried about
environmental issues have sought to ban the practice of
hydraulic fracturing, or fracking, which uses a mix of
pressurized water, sand and chemicals to unlock hydrocarbons
But those efforts have faced challenges, with lawyers and
courts saying their legality would depend on the state's own
laws for fracking.
(Reporting By Anna Driver and Terry Wade)