The oil and gas industry of Colorado is very important to that state and its new industry commission has been expanded from seven board members to nine, after the elections last year brought in a Democratically controlled legislature.
Colorado will be seeking comments from the industry and the public as new rules are written for the energy commission. Colorado state officials plan public meetings across the state and likely will release a preliminary proposal by February, 2008.
A recent, state-funded report said the Colorado oil and gas industry contributed nearly $23 billion in direct and indirect economic benefits to the state in 2005. Industry officials have said oil and gas operations provide about 70,000 high-paying jobs statewide.
The Colorado oil and gas industry generated $515 million in severance and local property taxes and mineral royalties for the state of Colorado last year. Sherman said the revenue, like the number of drilling permits, is expected to rise this year.
Nearly 6,000 drilling permits were issued last year in the State of Colorado. Sherman said the total has doubled over the past three to four years.
And natural gas drilling is increasing statewide, with some of the most intense development in western Colorado. With as many as 43,000 new oil and gas wells possible on federal land in that part of the state over the next 20 to 25 years and tens of thousands more on private land, Sherman said he doesn't see the energy boom abating for a long time.
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