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Showdown Expected Between Neighborhood, Chesapeake

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Oct 7, 2008 5:47 pm US/Central

Showdown Expected Between Neighborhood, Chesapeake

FORT WORTH (CBS 11 / TXA 21) ― A showdown is expected Tuesday evening between a Fort Worth neighborhood and a company that wants to drill for natural gas less than 600 feet away.

Residents living around the 2500 block of 8th Avenue hope to convince the city council to stop Chesapeake Energy's plans and some even plan to protest at the meeting.

Residents say Chesapeake hasn't provided a plan to evacuate nearby hospitals, schools and homes if something went wrong.

Chesapeake will try to convince the council of their safety record and how drilling will benefit the economy.

There are a couple of points the council's attorney said they will consider:
1. The reasons why people don't want drilling in their neighborhood
2. The people in the neighborhood who do want to make money on their mineral rights
3. Supporting industry and the need for energy

XTO Energy is also competing for mineral rights in the same neighborhood.

I'm very young and have been contributing to my 401K for three years. In this present economy, should I now start investing more money in high, moderate or low risk stocks? Right now I have 3 percent in each.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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© MMIX, CBS Stations Group of Texas L.P. All Rights Reserved.