Devastating impacts of setback initiative continue to worsen
New study describes economic impact of Initiative #78
DENVER (July 14, 2016) – Today, a new economic study confirms the devastating financial impacts a proposed anti-energy initiative will have on Colorado’s economy. The Business Research Division of the University of Colorado’s Leeds School of Business finds that proposed Initiative #78, which aims to increase setbacks from energy development to 2,500 feet, would cost Colorado billions in its gross domestic product and over 100,000 jobs.
According to the study, commissioned by the Common Sense Policy Roundtable (CSPR), the Denver South Economic Development Partnership (Denver South EDP), and the Metro Denver EDC, “Given a 90.2% reduction in new production beginning in 2017, the compounding economic consequence would result in a lower real GDP by an average of $7.1 billion and 54,000 fewer jobs in the first five years, and a lower GDP by an average of $14.5 billion and 104,000 fewer jobs between 2017 and 2031.”
“Unfortunately, this study and others confirm our fears about the drastic economic impacts these anti-energy initiatives pose to our business climate,” said Vital for Colorado Board Chair and local attorney Peter Moore. “Colorado voters need to understand the hidden agenda of the extremists behind these measures who aim to ban our energy industry and jeopardize our economy.”
The latest study adds economic and financial impacts to the Colorado Oil and Gas Conservation Commission’s analysis showing that 90% of Colorado would be off limits from energy development.
Initiative #78 and partner measure #75 have until August 8 to submit 98,492 valid signatures.
About Vital for Colorado
Vital for Colorado is a broad coalition of business and civic leaders formed to support responsible energy development. More than 56,000 chambers, organizations, business and Coloradans have signed its pro-energy pledge. For more information, go to www.vitalforcolorado.com