New Report Proclaims Colorado “Resource Rich”Leave your thoughts Categorized in: Colorado, Domestic Oil
According to a new report from the Colorado Energy Council (CEC), Colorado is truly “resource rich.” The state is a top producer of traditional and alternative energy—and natural resources combined with a strong workforce paint a bright future for the Centennial State.
According to Brian Payer, who co-chairs the CEC’s Resource Rich Colorado Committee, the state has “one of the most diverse energy economies in the world.”
For the seventh year in a row, the CEC—an affiliate of the Metro Denver Economic Development Corporation (EDC)—has developed its “Resource Rich Colorado” report to provide a detailed, metric-intensive report on energy as a whole in the state.
According to EDC CEO Tom Clark, the report enables his organization and others such as the Denver Metro Chamber of Commerce to promote public policies that support both traditional and alternative energy. Recently the EDC and Chamber worked together to support lifting the ban on crude oil exports.
The report ranks Colorado as the nation’s seventh largest producer of crude oil and sixth for natural gas. In addition, oil and natural gas operations in the state have become increasingly efficient. According to the report, the efficiency per rig has increased by as much as six times.
While Colorado’s energy sector has been hit by falling commodity prices, the state is positioned to weather the downturn and recover. “Several factors continue to make Colorado a magnet for energy companies,” said Tom Clark. “The state’s low income tax, moderate business costs, skilled energy workers, and diverse resource base continue to attract investment and create jobs in the energy and natural resources sector.”