Colorado's Oil Industry

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Colorado's Oil Industry

  1. 1. Brief Overview of Colorado’s Oil Industry Rutilio Martinez Monfort College of Business University of Northern Colorado January 14, 2014
  2. 2. 60 Oil Production Millions of Barrels 50 40 30 Colorado Weld 20 10 0 0 2 4 6 8 10 12 Year Average rate of growth between 2000 and 2012 Maximum production: 60 million barrels in 1956 Minimum production: less than 3 million in 1978 and in 1984 14
  3. 3. Gas Production 1800 1600 1400 Millions of Cubic Feet 1200 1000 Colorado 800 Weld 600 400 200 0 0 2 4 6 8 Year Average rate of growth between 2000 and 2012 10 12 14
  4. 4. Contribution of Oil & Gas, Leisure & Hospitality, Health Care, Scientific Research and Financial Services to Colorado's GDP Year Colorado's GDP Billions of $ Oil & Gas % Leisure & Hospitality % Health Care % Scientific Research % Financial Services % 2007 2008 2009 2010 2011 2012 242.6 252.5 245.4 254.5 264.7 274.0 2.21 3.30 2.11 2.37 2.48 3.70 4.6 4.4 4.3 4.5 4.7 4.8 5.5 5.7 6.3 6.3 6.3 6.2 6.3 6.6 6.5 6.5 6.6 6.5 19.1 19.0 19.8 19.8 19.0 18.8
  5. 5. Contribution of Oil & Gas, Leisure & Hospitality and Financial Services to Employment. Year Colorado Millions of Jobs (December) Oil & Gas % Leisure & Hospitality % Financial Services % 2007 2.35 1.11 11.66 6.70 2008 2.32 1.28 11.54 6.56 2009 2.21 1.08 11.74 6.58 2010 2.23 1.12 11.99 6.45 2011 2.28 1.31 12.05 6.33 2012 2.33 1.28 12.31 6.32
  6. 6. Wages in Colorado in 2012 State average: $49, 536 Average wage in the oil & gas industry Baca: $25,152 Douglas:$76,368 Garfield: $43,536 La Plata: $44,736 Larimer: $42,576 Weld: $39,888 . Tax Revenues Oil & gas industry generated $1.6 billion in tax revenues in 2012 This is equivalent to $817 per household.
  7. 7. Countries where Hydraulic Fracturing is not allowed: 1. Bulgaria 2. Czech Republic 3. France 4. Germany 5. Luxembourg 6. Northern Ireland 7. Romania 8. Spain; in the province of Cantabria 9. Switzerland; in the canton of Fribourg

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