Opposition to Proposition 112
And why wouldn’t it, Proposition 112 would financially cripple the entire state! PLEASE READ for more information about Proposition 112.
What’s Proposition 112?
Proposition 112 (formerly Initiative 97) is a statutory ballot measure that if passed will probably establish a 2,500-foot setback involving new oil and natural gas development and occupied structures or other vulnerable places.
While recommended as a simple buffer zone increase, the measure is anything but that. If passed, the measure would devastate the petroleum and natural gas industry, eliminating jobs, drastically reduce tax dollars for schools, parks, and libraries and wiping off the personal property rights of tens of thousands of Coloradans.
Truth about Proposition 112
• The out-of-state funded initiative seeks to prohibit basically all new Colorado oil and gas development.
• Change the present setback of 500 ft from occupied structures, ditches, and subjective regions of interest, to a 2,500 ft setback.
• Colorado public college are one of the biggest beneficiaries of the oil and gas leasing.
• 85% of non-federal land could be eliminated from future oil and gas development
Economic & Fiscal Impact
The departure of Proposition 112 could possess far-reaching, negative results on Colorado. According to a research conducted, they found that:
• Proposition 112 would kill up to 147,800 good paying jobs in Colorado from 2030, with up to 43,000 jobs being dropped in the first year .
• From 2019 to 2030 the estimated reduction in state GDP will be $218 billion, together with the state losing $26 billion annually in GDP by 2030.
• From 2019 to 2030 over $147.6 billion in personal income will be lost.
• By 2019 into 2030 an estimated $7 to 9 billion in local and state taxation revenue would be dropped, with this amounting to a loss of over $1 billion annually by 2030.
• If passed, Proposition 112 will eliminate $230.3 million of funding for Colorado’s colleges from state trusts lands over a three-year period (60%).
Impacts Outside Business
As a main employer, every direct job inside the petroleum and natural gas sector leads to 4 to 5 extra Colorado jobs. Many businesses of Colorado’s economy rely on the company the oil and natural gas sector generates, such as trucking companies, hotels, restaurants, retail shops, and others. Proposition 112 would take away up to:
• 16,000 retail tasks
• 10,000 construction jobs
• 9,000 instructor and authorities projects
• 6,000 property projects
• 12,000 health care occupations
• 9,000 hotel & food service occupations
In reality, 147,800 jobs could be lost overall, with 77 percent of these occupations losses occurring outside of the petroleum and natural gas industry.
Strongest Legislation from the Nation
Colorado has arguably the strongest regulatory framework for oil and natural gas development in the nation. Not only is that the industry regulated by federal agencies like EPA, but also by state agencies like COGCC, CDPHE, and Colorado Parks and Wildlife. Local authorities have a say in petroleum and natural gas development, regulating the industry through land use provisions. If oil and natural gas is being extracted in Colorado, then it’s being done independently and safely.
Facts provided by www.coga.com and www.comro.us