Despite facing a $700 million budget shortfall, Colorado legislators are ready to impose new regulations on its profitable but political pariah, the oil and gas industry. Colorado Governor Ritter is blocking development of the U.S. Naval Oil Shale Reserve beneath the Roan Plateau, which could provide 9 trillion cubic feet of gas which lobbying group Americans for American Energy head Greg Schnacke says is enough to heat every home in Colorado for the next 25 years. Schnacke lays the blame on the Colorado's extreme environmentalist body. "The state now issues extensive air and storm water protection permits, has a say on wildlife restrictions and other rules that industry must follow. If state regulators and the extremist environmental groups who seek new avenues to sue the industry, make it harder, longer and more costly to proceed, Colorado taxpayers won’t see the projected one-time $1 billion lease bonus, not by a long shot." He adds that the regulations raise the energy prices for everyone by adding to financial woes. So what would it take to get this ball moving? I'm guessing $150 oil. Maybe. Of course, those who are the most opposed to oil and gas wouldn't mind us reverting back to dark ages of technology anyway, so maybe it's just part of their master plan. –Stephen Payne, Editor, Oil and Gas Investor This Week; spayne@hartenergy.com
Recommended Reading
Ali Azad joins Quaise Energy as Independent Board Director
2024-06-19 - Azad has more than 40 years of experience in executive leadership and high-tech power project deployments.
NextDecade Appoints Former Exxon Mobil Executive Tarik Skeik as COO
2024-07-25 - Tarik Skeik will take up NextDecade's COO reins roughly two months after the company disclosed it had doubts about remaining a “going concern.”
Silver Hill Closes Fourth Oil, Gas Fund with $1.13B in Commitments
2024-07-31 - Silver Hill’s portfolio consists of operations across 55,000 net acres in East Texas and North Louisiana and 86,000 net acres in North Dakota.
Chevron Moving HQ, CEO from California to Houston
2024-08-02 - Chevron Chairman and CEO Mike Wirth and Vice Chairman Mark Nelson will relocate to Houston, where much of Chevron’s other top leadership is already based.
LSB Industries’ Chairman of Board Retires, Replaced by CEO
2024-08-15 - Richard Roedel, LSB Industries Inc.’s chairman of the board of directors, is retiring from his position effective immediately.