Legislation passed for natural gas fracking in North Carolina
Anyone planning to invest in real estate in Raleigh-Durham should take notice of the legislation concerning underground gas drilling that North Carolina lawmakers have been working to revise. The revamped laws are meant to add protection in residential fracking, which creates a crack in the land to release natural gas from shale deposits underground.
According to CBS News, a Senate committee has recently announced legislation that would allow fracking on North Carolina residential property, including land in Raleigh and the surrounding areas.
"Property owners need to be protected if North Carolina is going to move forward with fracking," said NC Attorney General Roy Cooper. "Consumers who are considering leasing their land for gas exploration need to be aware of the risks, and they also deserve to have critical legal protections in place."
Lawmakers are revising the legislation that would protect landowners, such as guaranteeing owners a minimum royalty of 12.5 percent of profits made from natural gas drilled on their property, notes the source.
Other protections would include requiring the drilling company to test all drinking water wells before drilling, as underground gas drilling has been criticized in the past for tainting drinking water supplies. Furthermore, residential real estate buyers would be required to be told if sellers are keeping or have sold drilling rights.