This article from the Houston Chronicle reports on industry opposition to increased federal oversight of hydraulic fracturing in the shales. Turns out, there is a House Natural Resources subcommittee hearing today on U.S. shale gas production. Interesting.
More information on the subcommittee's hearing can be found here.
[Update: A number of reports have surfaced recently on the issue. See, e.g., here (Dallas Morning News - noting the Ground Water Protection Council's recent report finding state regulation effective); here (WENY-TV News - reporting on Congressman Hinchey's reintroduction of legislation to repeal the exemption of hydraulic fracturing from the Safe Drinking Water Act); and here (WSJ - subscription required - discussing industry resistance to new regulations).]