Colorado Gov. John Hickenlooper brokered a fracking cease-fire this week, shutting down competing referendums for November’s ballot. Now, Colorado business and Democratic politicians are enjoying an economic and political peace dividend.
The Democratic governor brought environmentalists and industrialists together to drop their respective ballot measures. In exchange, an independent panel will now make recommendations to the governor’s office.
‘Fracking has been vital for job creation in Colorado,’ says @Heritage’s Nick Loris.
Proponents of fracking reacted positively to the announcement. Several oil companies doing business in Colorado saw stock price increase more than 5 percent.
Hickenlooper’s deal also settle an intra-party fight, a development Democrats hope will pay off at the polls. Hickenlooper faces reelection in November as does Sen. Mark Udall—contests that hold political ramifications for the 2016 presidential race in a key swing state.
>>> Colorado County to Boost Security After Anti-Fracking Activist Threats, Intimidation
Udall has weathered significant criticism from his Republican challenger, Rep. Cory Gardner, for failing to move quickly enough in favor of Colorado oil production.
For months, Rep. Jared Polis, D-Colo., refused to withdraw his sponsored support of both anti-fracking ballot initiatives. He changed his mind on Monday and joined Hickenlooper on stage at the statehouse to tout the agreement.
Polis said the development was “truly a victory for the people of Colorado and the movement to enact sensible protections and safeguards around fracking.”
Hickenlooper appealed to both sides of the issue, proclaiming at a press conference that “I think we can all agree that responsible oil and gas development in Colorado is critical to our economy, our environment, our health, and our future.”
>>> Regulations Threaten This Colorado Community’s Prosperity
Earlier this month, Hickenlooper came under fire for admitting that political donations have played a key role in past policy decisions. In an undercover video, the governor recalled how “very successful business people” swayed his hand during the debate over a bill to raise public employee pay.
Regardless of Hickenlooper’s current motivation, Heritage Foundation economist Nick Loris is just glad to see these ballot initiatives off the table.
“Fracking has been vital for job creation in Colorado,” said Loris, Heritage’s Herbert and Joyce Morgan Fellow. “The state has demonstrated for decades that its Oil and Gas Conservation Commission can effectively protect the environment and promote energy development and economic growth.”
