Monday, December 10, 2007

Colorado Misses out on $2 Billion

While the the Rocky Mountain News today reports that Colorado has missed out on $2,000,000,000 in tax money from oil and gas drilling, the Denver Post is worried that not enough land in western Colorado is being opened up for drilling.

Talk about missing the mark.

Nevermind that Colorado is making pennies off of oil and gas drilling compared to neighboring states of New Mexico and Wyoming. Nevermind that our oil and gas tax system has left Colorado with $20 million, while Wyoming has been left with $4 billion and New Mexico with $4.7 billion. Nevermind that the state of Wyoming can afford to send 70% of its high school graduates to college on scholarship because of this windfall. Nevermind that a property tax exemption for oil and gas drillers cost Colorado $200 million last year. Never mind that Colorado could make $1 billion in the next ten years, if only it would fix the way it taxes oil and gas drillers.

Nope, according to the Denver Post, the real problem is that public lands on the Roan Plateau aren't being drilled.

Sorry Denver Post, but the issue isn't whether or not public lands on the Roan Plateau should or should not be drilled, it's about whether it's good for Colorado. And with $2,000,000,000 already lost and potentially another $1,000,000,000 that may be squandered, it seems like the last thing anyone would consider good for Colorado is oil and gas drilling on the Roan Plateau.


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