BizWest reports on potential loss of 49,000 jobs between 2015 and 2040 due to oil and gas setbacks.
CU study: 2,000-foot setbacks would decrease state GDP by $6.4 billion
BizWest; January 8, 2015 By Steve Lynn
A 2,000-foot buffer between oil and natural-gas wells and buildings would lead the state to lose 49,000 jobs between 2015 and 2040, according a new University of Colorado-Boulder study.
The study, conducted by the Business Research Division in the Leeds School of Business in partnership with the Common Sense Policy Roundtable, a nonprofit free-enterprise think tank, found that Colorado’s gross domestic product would decline by as much as $6.4 billion annually under the increased setback.
“A 2000-foot setback would significantly impact Colorado’s families,” said Earl Wright, chairman of the Board at Common Sense Policy Roundtable. “The study suggests that an average family of four could lose $3,344 of income annually.”
The Common Sense Policy Roundtable has a six-member advisory board with three members who have worked in the oil and gas industry, according to its website. One of the board members, Lem Smith, serves as director of U.S. Government and Regulatory Affairs for Encana Oil & Gas Inc. (NYSE: ECA) (TSX: ECA), one of the major oil gas producers in Northern Colorado.
CU partnered with the think tank on a study last year that found a statewide ban on hydraulic fracturing would trim 93,000 jobs, $12 billion in lost gross domestic product and annual reduction of $985 million in tax revenue for local and state governments over 25 years…