Colorado is a leading energy producer.
- Energy production is an 80-year tradition in Colorado; the state produces enough oil to fuel almost 700,000 cars and heat 300,000 homes a day and enough natural gas to heat 13 million homes.
- 6th in the nation, Colorado produced 1.01 TCF of natural gas in 2003
- 11th in the nation, Colorado produced 22.1 million barrels of crude oil in 2004.
- Future potential oil and natural gas resources are substantial – as of 2004, Colorado has 14.7 trillion cubic feet (Tcf) of proved natural gas reserves and 225 million barrels of proved crude oil reserves.
Oil and Natural Gas is fueling Colorado’s economy.
- The oil and natural gas industry in Colorado employs more than 15,000 people (direct and indirect jobs).
- Oil and natural gas industry employees in Colorado earn an average of $85,134 (direct and indirect) –more than twice the state’s average earnings of $40,813.
- The Colorado oil and natural gas industry in 2005 paid about $150 million in property taxes. This money helps fund public schools. (CO Department of Local Affairs, FY04, and API Calculations)
- The Colorado oil and natural gas industry in 2005 paid $134 million in severance taxes, half of which is sent to local governments. The remainder is used to support state programs for environmental protection and regulation of the oil and natural gas industry, state school funds and community-based projects. (CO Department of Revenue, 2005 Annual Report)
- In 2005, the oil and gas industry paid $22.5 million in royalties and rent to the CO State Trust Lands. (CO State Board of Land Commissioners, FY04)
- In 2005, Colorado received an additional $106.7 million in returned federal royalties from oil and natural gas activity in the state with more than half going into the state school fund and the balance to counties, cities and grant programs. (US Minerals Management Service)
Oil and Natural Gas contributes to Colorado’s communities.
- The oil and natural gas industry in Colorado funded more than $34 million in grants to alleviate drought conditions and improve water treatment and rural health care projects through the Energy and Mineral Impact Assistance program.
- A Colorado energy producer recently gave the Colorado School of Mines $300,000 to establish the Center for Reservoir Studies. The Center will fund unique educational programs dedicated to developing new technologies that can further protect the environment.
US EIA/DOE, Natural Gas Annual 2003
US EIA/DOE, Petroleum Supply Annual 2004
US EIA/DOE, US Crude Oil, Natural Gas, and Natural Gas Liquids Reserves 2004 Annual Report