House ‘Statutory pooling’ bill hurts Colorado consumers and local economies
DENVER, April 26, 2017 – Colorado Petroleum Council Executive Director Tracee Bentley said the adoption of HB 1336 in the Colorado House of Representatives will negatively impact responsible energy development in Colorado.
“Colorado has a well-established stakeholder process for developing oil and natural gas resources – pooling prerequisites and protections included,” said Bentley. “The bill offered no new protections for property owners, instead it sought to slow or halt the state permitting process for oil and natural gas production on private lands. Misguided proposals that seek to disrupt responsible oil and natural gas production ignore the fact that production of Colorado’s energy resources are an economic and social good.”
Colorado’s leadership on energy development and environmental stewardship has demonstrated that we can increase oil and natural gas production while also improving the environment. As the seventh largest producer of oil and natural gas in the country, Colorado helped our nation become the global leader in refining and production of oil and natural gas. Simultaneously, the U.S. is leading the world in reducing carbon emissions, which are near 30-year lows in electricity generation due to increased use of natural gas made possible by hydraulic fracturing.
“Companies in Colorado operate under some of the most stringent rules in the country to produce clean, safe, affordable energy while being good environmental stewards," said Bentley. "Declining revenues that could result from this House bill would directly impact state and local government revenues, and drops in production would reduce the availability of affordable energy to consumers. We urge the Senate to reject this bill passed by the House.”
The Colorado Petroleum Council is a division of API, which represents all segments of America’s oil and natural gas industry. Its more than 625 members produce, process, and distribute most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy.