In November of 2018, Coloradans cast their votes to defeat Proposition 112, an anti-Oil & Gas industry measure which would have dealt a major blow to the Colorado economy and effectively banned new oil and gas development here.
Ignoring the wishes of the Colorado voters, anti-industry activists worked with the liberal members of the legislature to pass anti Oil & Gas bill SB19-181.
The Bill steamrolled through the legislature and Governor Polis (D) eagerly signed SB19-181 into law on April 16, 2019.
Employees, industry experts and opposing legislators are saying Polis and the radical state controlled legislature virtually guaranteed a future recession through this legislation, placing at risk the $31 billion oil and gas industry in Colorado.
Each year, this industry directly provides nearly $700 million dollars to Colorado schools and colleges through taxes paid.
Already, many Coloradans have lost their jobs, and oil and gas companies are moving their assets to other states. In total, more than 230,000 Coloradans directly or indirectly may lose their jobs as a result of SB19-181.
Estimates claim more than $13.5 billion (with a ‘B’) will be lost in tax revenues in Colorado in just ten years’ time, and potentially more than $250 billion in lost GDP growth in the same time frame.
If that’s not enough, the radical anti-Oil & Gas organization known as “Colorado Rising” has introduced SIX different ballot initiatives for the 2020 ballot which seek to place more restrictions on Colorado’s energy industry.
Colorado Rising hopes to take a “shotgun approach” in order to gauge which of the six measures is most likely to pass in November. Of the six, one is identical to Prop. 112 which failed by a wide margin on the 2018 ballots.
Others include 2,000- to 2,500-foot setbacks, proposals that provide separation waivers on private land, and increasing the required insurance to $270,000 per well versus as little as $100,000 for multiple wells.
These restrictions will also result in job loss and steep drops in tax revenue collected.
According to state data, Colorado’s Weld County, north of Denver, produced 133.7 million barrels of oil last year.