Will state 'lead the way' on fracking regulations?

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“The reality is that thousands of acres of leases are being bought up, and fracking is going to come to Illinois,” he said.

State Rep. John Bradley, the Marion Democrat who introduced the regulatory bill along with Olney Republican David Reis, said it would protect the environment and families while creating thousands of jobs in a cash-strapped region. He said if the bill is passed quickly, drilling could begin this year.

Reis called the bill — and the unusual cooperation between industry, environmentalists, lawmakers and Attorney General Lisa Madigan — “historic from an economic standpoint.”

“The revenue that this is going to generate for the entire state of Illinois ... is going to be maybe one of the things we need to get out of our financial challenges that we face in this state,” Reis said.

Leases already have been signed on tens of thousands of acres in southern Illinois, where studies have suggested that the New Albany Shale, roughly 5,000 feet below the surface, may hold significant gas and oil reserves.

Oil and gas companies are eager to begin drilling as soon as possible, despite what would be “unquestionably” the nation’s toughest regulations, said Jim Watson, a former Illinois lawmaker who’s now executive director of the Illinois Petroleum Council.

“Now it’s time for the industry to invest and help us ... do the good things that can come out of this,” Watson said. “I’m happy that the sides sat down and found that compromise.”

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Associated Press Writer John O’Connor in Springfield contributed to this story.

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The legislation is HB2615.

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