Colorado Petroleum Council: Communities depend on growing economic revenues and job opportunities supported by oil and natural gas industry

DENVER, April 28, 2017 – Colorado Petroleum Council Executive Director Tracee Bentley released the following statement regarding today’s vote by the Colorado Secretary of State's Title Board confirming that the board did not have jurisdiction to set a title for a proposed severance tax initiative (Initiative #20), meaning it will not appear on the 2017 ballot.

“This decision ensures that Colorado’s oil and natural gas industry can continue to provide benefits for the economy, local businesses and jobs for the hard-working women and men across the state,” said Bentley. “Arbitrarily raising taxes on a highly productive industry that supports thousands of jobs and generates billions in economic output and millions in tax revenues has negative economic consequences, possibly reducing energy investment and energy activity.

“It’s important that we put in place smart policies that further Colorado’s economy and energy leadership for the benefit of consumers, and the communities that depend on the additional local investments brought by Colorado's growing oil and natural gas industry. We are proud of our contribution to U.S. energy leadership, the global leader in the production and refining of oil and natural gas, and in the reduction of carbon emissions.”

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.