On December 29, 2015, the University of Colorado
Boulder released a report addressing the economic development and tax benefits
resulting from oil and natural gas production in Colorado. The report is
entitled “Oil and Gas Industry Economic and Fiscal Contributions in Colorado by
County, 2014.”
The researchers found that the total economic impacts
of the upstream and midstream industry was estimated at “$31.7 billion in 2014,
supporting 102,700 jobs and $7.6 billion in compensation” while the state
government collected $400 million in property taxes and $330 million in
severance taxes during the same time period. Interestingly, it was noted that oil
production became a more important player in the state’s energy industry than
natural gas production.
The researchers also pointed out that employment was a
major area of economic activity in the state of Colorado and that state
revenues were funded largely from property taxes. The researchers concluded
that “further research is needed to capture the full impact of the oil and gas
industry in Colorado” due to the fact that the economic implications of
environmental issues related to the industry were not addressed in the report.
Written by Chloe Marie - Research Fellow
01/07/2016
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