What is at issue is determining exactly how this form of energy extraction, both and oil and gas, effects property ownership, rights and the practice of real estate. Several issues are on the table to be discussed. This issues include mineral rights, ground leases, property value, disclosure, environmental, economic impacts, community development, zoning and others.
At this first gathering, Roman Basi, past President of the Egyptian Board of REALTORS® and an attorney shared a presentation on some of the implications with leasing. We also had presentations from State Rep. from the 117th District, John Bradley to discuss the political issues and the legislative process to regulate the practice. And then finally, Brad Richards, a geologist and Executive Officer of the Illinois Oil and Gas Association gave the task force an introduction to the science and technology of hydraulic fracturing. Jim Kinney, IAR Treasurer and Chair of the task force grew up in the oil industry and he stated “There was so much information given today, I am looking forward to delving into this and hoping to come up with a quality recommendation for our leadership on how we can best serve the membership on this issue.”