STUDY SHOWS HUGE ECONOMIC BENEFIT IN WEST SLOPE COMMUNITIES FROM OIL & NATURAL GAS INDUSTRY

CONTACT:

Jeff Wasden – (720-628-4787)

jwasden@cobrt.com

FOR IMMEDIATE RELEASE

STUDY SHOWS HUGE ECONOMIC BENEFIT IN WEST SLOPE COMMUNITIES

FROM OIL & NATURAL GAS INDUSTRY

Quality Jobs & Tax Revenues for Schools, Public Safety Part of $6 Billion Annual Impact

(RIFLE) -- A University of Colorado study shows that oil and natural gas development is a $3.7 billion economic engine for Garfield County – supporting 2,700 direct jobs, paying $213.2 million in wages, and generating $213 million in tax revenues, which supports public education, public safety and other critical services, according to the Colorado Business Roundtable (COBRT).

The report was conducted by the University of Colorado Boulder’s, Leeds School of Business and commissioned by the American Petroleum Institute (API). It examines Colorado’s oil and natural gas sector on a county-by-county basis, including associated revenue streams for schools, roads, parks, healthcare, and more.

“The members of the Governor’s Oil and Natural Gas Task Force meeting in Rifle this week must focus on the deep, broad and irreplaceable economic benefits that the oil and gas industry provides for communities and families throughout the Western Slope,” said COBRT President, Jeff Wasden.  “From public schools, public safety and down to basic services, citizens in Garfield, Mesa and other Western Slope counties rely on the jobs and revenue that the industry provides today and into the future.”

The study illustrates that energy production in Garfield County accounts for nearly one-quarter of production statewide and provides nearly 40 percent of the county’s general fund revenues.  It also looked at property tax revenue for public education and found that the Garfield Re-2 district, for example, receives 82 percent of its property tax revenue – or $3,771 per student – from oil and natural gas production.

The study also examined all Colorado counties and noted that in Mesa County, oil and gas production has a $1.6 billion economic impact and supports 4,152 jobs that generate nearly $300 million in labor income.

The Western Slope economic impact data is just one part of the new statewide study that shows in 2012 alone, oil and natural gas development generated over $200 million for Colorado schools, supported nearly 94,000 Colorado jobs, and created over $23 billion in state economic activity. 

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Colorado Business Roundtable (COBRT)

The Colorado Business Roundtable (COBRT) is an association of leaders, industry and organizations that promote sound public policy and a thriving economy for Colorado and its neighbors.  To learn more about the COBRT go to www.cobrt.com.