Colorado competes among top energy producing nations
DENVER, May 28, 2015 ─ Colorado now rivals the world’s major energy producing countries, according to a ranking published today by API.
“This is what energy security looks like,” said Tracee Bentley, executive director of the Colorado Petroleum Council, “Thanks to innovations in hydraulic fracturing and horizontal drilling, Colorado now outpaces seven of 12 OPEC nations in natural gas production. Rising domestic production has helped to reshape global markets and revitalize job creation here in the United States.”
With a natural gas output of 4.45 billion cubic feet per day, Colorado would rank 19th among the world’s top gas producing countries, exceeding nations like the United Kingdom and Venezuela in 2012, the most recent year for which consistent international data is available. The state’s rapid growth in shale production, unlocked by hydraulic fracturing and horizontal drilling, has helped the United States to take the top spot among global producers and places Colorado sixth among all U.S. states.
“Colorado isn’t just a national leader – it’s a global leader,” said Bentley. “Shale production has changed the way other countries view competition from America. To harness the world-class opportunity in front of us, it’s critical that policymakers open the doors for free trade and lift regulatory barriers on the construction of vital energy infrastructure, including pipelines and export terminals.”
The oil and natural gas industry supports some 213,000 Colorado jobs and contributes $25.8 billion to the state’s economy. The shale revolution also has saved U.S. consumers an estimated $1,200 per household annually.
“Responsible production and use of natural gas is a major reason why U.S. carbon emissions are near a 20-year low,” added Bentley. “Colorado is leading the world, and our success saves consumers money while cleaning the air.”
The Colorado Petroleum Council is a division of API, which represents all segments of America’s oil and natural gas industry. Its more than 625 members produce, process, and distribute most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy.
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