The chamber conducted “lengthy research” and reviewed studies on the subject of fracking before making its decision, according to a statement issued to the press Tuesday.
“This ballot measure does not take into account the factual historic data and solid safeguards that continue to be in place for responsible energy development, including the city of Loveland’s oil and gas regulations, and would have drastic impacts on Loveland and Northern Colorado economies,” the release states.
The release goes on to say that the ballot measure risks hundreds of jobs and thousands of dollars in economic activity for the city.
“While energy bans would greatly impact our state, the chamber is most concerned about the repercussions of this initiative directly to the city of Loveland and the businesses that reside within our community,” Mindy McCloughan, the chamber’s president and chief executive, said in the statement.
The chamber also has signed with Vital for Colorado, an organization that supports responsible oil and natural gas development.
“Loveland has a history – backed by research and facts – of performing hydraulic fracturing safely,” McCloughan said in the release. “Towns and cities all across the northern Front Range are tapping into their own natural energy resources and Loveland is fortunate to have natural resources that can help supply the energy Colorado needs to thrive.”