Monday, December 22, 2014

Reed: state should compensate landowners because of fracking decision

Posted By on Mon, Dec 22, 2014 at 11:52 AM

House Representative Tom Reed says that the state's decision on high-volume hydraulic fracturing is "the wrong decision for New York State's future."

During a conference call this morning, Reed said that the decision is a missed opportunity for the state and that fracking could provide jobs and a boost for the Southern Tier's depressed economy. The decision is political, he said, and driven by Governor Andrew Cuomo's presidential ambitions. 

Reed's remarks aren't much different from those made by other fracking supporters in the wake of the Cuomo administration's decision to prohibit fracking in New York. But Reed is seizing on a point that other critics haven't given as much attention.

"You should compensate individuals for taking their property," Reed said. He's essentially saying that the property owners should be compensated for the money they could have made from fracking. 

And Reed says that he wants to work with members of the state's Congressional delegation, as well as state legislators, to look into legislation that could ultimately force those payments. 

Pro- and anti-fracking activists have said that it's entirely likely that some property owners may sue the state seeking compensation for the loss of a revenue-making opportunity from their properties.

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