As the Memorial Day weekend approaches, people throughout Colorado and New Mexico are dusting off their camping gear, filling coolers, and heading out into the mountains, parks, and lakes. With the already-hot weather that the Rocky Mountain region has experienced this spring, it’s an ideal time to get outdoors and enjoy the sun.

However, not wanting to be the wet blanket, a major aspect of the holiday weekend is also the liability associated with thousands of people flooding into the back country, looking to cut loose.

Both Colorado and New Mexico experience huge swells of people looking to get out of the metro areas and partake in the amazing natural resources available. But, those swells of people also create significant risks and hazards.

Recreational businesses like whitewater rafting, horseback riding, and numerous other guided activities see this weekend as a major money-maker (which it is).  And, as the crowds build on the rivers and hiking trails, many of the outdoor businesses scramble to accommodate the increased demand. As a result, safety and common sense sometimes take a back seat to trying to put more people on the river and making more money.

In both states, the legislatures have passed numerous laws that specifically regulate many of the outdoor activities, including equine activities (horses), shooting ranges, whitewater rafting, ballooning, skier safety, and snowmobiling. These laws are in addition to the more broad laws and regulations covering motor vehicles, fishing and hunting, federal and state lands, and business licensing.

While no one wants to quickly review C.R.S. § 33-32-101 et seq., regulating River Outfitters, before they put their friends and family on a whitewater raft, it is important to remember that these laws do exist and they may determine who is liable if an accident does happen.

It is important to have fun and enjoy the holiday, but it is equally important to be careful and be conscientious of those around you.  So, get out of town this weekend, enjoy the sun, and watch out for all those other crazy people trying to do the exact same thing.

This week, the Department of the Interior, through the Bureau of Land Management, published new draft rules requiring the disclosure of chemicals used in fracking operations. On the national level, this is major news. But, here in Colorado, it isn’t so revolutionary.

Fracking is a hot topic right now, because it is one of the newest forms of oil and gas development, and it is a growing trend as developers use the technique to become more efficient and pull more resources out of existing well heads. While fracking still makes up only a small portion of total oil and gas development, its use has grown substantially over the past ten years.

Fracking consists of pumping water mixed with proprietary chemical solutions down well heads at high pressures to fracture the rock and subterranean structures around the well shaft (hence, “fracking”). By making these fractures, oil and gas developers are able to pull more resources through the fractured areas. Over 99% of the water and chemical solutions are recaptured, but environmental groups oppose the practice because of instances where the chemicals have made their way into the water table.

The oil and gas industry has opposed disclosure of the chemicals based on trade secret laws. Each company has developed its own chemical mixture, and therefore does not want to publish the recipe for other companies to see. On the other side, activists have fought to require disclosure of the mixtures to understand what chemicals are being pumped into the ground.

While the new rules are an attempt to find a middle ground, this story is long from being over. The release of the draft rules was major industry news across the country, but really didn’t have much effect here in Colorado. That is because last year Colorado adopted its own set of rules that already require such disclosure.

The Colorado rules were the result of a joint effort between the oil and gas industry and activists, lead by Governor Hickenlooper, to find a happy medium. The Colorado rules were unprecedented at the time, and set the standard for both other states and the federal government.

So, while there is sure to be continued fall-out from the new draft rules, fracking operations will remain relatively unaffected in Colorado.

New data for the housing market came out this week, and although there are some strong data points for April 2012, the overall outlook is bitter-sweet.

April is a key indicator because it is the unofficial opening for the summer sale season, and in many ways it sets the tone for the rest of the year. Also, as Colorado comes out of the winter months and construction-friendly weather emerges, there is generally a pop of new projects that are undertaken.

I’ve spoken to several realtors in the Denver area who have said that currently the success rate on already-listed houses is fantastic. But, the untold story is how little inventory there is on the market for buyers to get their hands on. While home sales have increased significantly this year compared to 2011 (up almost 20% in some categories), the total inventory of homes for sale has been almost cut in half.

What this means is that while the demand for home sales increases with the slowly recovering economy, the supply has decreased sharply. The effect is to drive prices higher for those limited houses on the market without adding real value to the deal.

But, this is not all bad news. It has been a buyers’ market for the past several years, because there has been a huge surplus of homes for sale with very few buyers in a position to take advantage of the low prices and great interest rates.  So, what the new data may be telling us is that the market may be positioning itself for a rebound.

The thing to look for in the upcoming months is whether more homes come onto the market to meet the increasing demand. If good homes are listed to meet the inventory shortage, the market may find an equilibrium and everyone will win. But, if too many homes flood the market, we may see this year’s early progress stifled.

So, while we are certainly not out of the woods yet, there may be a glimmer of light on the horizon.