Denver energy event discusses the future of oil and gas development in Colorado

A luncheon event to discuss the future of oil and gas development in Colorado held on Thursday was hosted by the Colorado Petroleum Council (CPC) and was attended by Gov. John Hickenlooper.

American Petroleum Institute President and CEO Jack Gerard and CPC Executive Director Tracee Bentley were also in attendance and discussed the important role of energy within the Colorado and larger U.S. economies. Energy is a significant portion of the Colorado economy, accounting for $25.8 billion, or 9.1 percent, of all economic activity.

“Coloradans understand that the oil and natural gas industry can provide well-paying jobs and remain a significant driver of economic activity and important source of government revenue,” Gerard said. “API has a history of working closely with local government leaders and regulators to share technical expertise for safe and reliable development of affordable domestic energy for Americans. One of our chief goals is to foster broad bipartisan dialogue and support for all-of-the-above, pro-energy policies.”

A study conducted by the University of Colorado – Boulder’s Leeds School of Business found that the Colorado school system is largely funded by property tax paid by oil and gas companies. The American economy relies heavily on this sector as well. The industry comprises approximately eight percent of the U.S. economy and supports 9.8 million domestic jobs.