The Colorado Petroleum Council hailed today’s House rejection of a bill that would have limited scientific input and removed statewide oversight by the Colorado Oil and Gas Conservation Commission. The bill was in conflict with Colorado’s safe, efficient development of natural resources and could have jeopardized further job creation and increased costs for local governments.
“We applaud the bi-partisan House leadership for rejecting a bill that could have damaged the state’s economy and cost consumers who rely on affordable energy,” said Tracee Bentley, executive director of the Colorado Petroleum Council. “Colorado’s energy policies provide a model of how the U.S. can grow its economy and create jobs. Bypassing science and the statewide oversight of the Colorado Oil and Gas Conservation Commission with a patchwork of conflicting regulations is the wrong path.”
Consumers have benefited over the past decade from development in Colorado and across the United States through lower cost gasoline at the pump, and lower cost natural gas for home heating and electricity. IHS estimates that unconventional energy developed through the use of hydraulic fracturing increased each American household’s savings by $1,200 in 2012 and that savings could rise to more than $3,500 in 2025.
“Staying competitive and generating America’s own energy does not happen overnight. It happens as a result of planning and innovation. The oil and natural gas industry will continue to work with local stakeholders on proposals that support Colorado’s economic prosperity and protect consumers.”
The Colorado Petroleum Council is a division of API, which represents all segments of America’s oil and natural gas industry.