Colorado oil, gas industry braces for tough 2009
DENVER, Colorado ” Energy company executives are cheering Colorado voters’ rejection of a severance tax ballot measure, but they warn that uncertainties about the economy, new state rules and a new president could reduce investment by the industry.
The Colorado Oil and Gas Association’s annual meeting Wednesday came one day after Colorado voters defeated a proposal to end a property tax credit that critics say makes the state’s severance taxes the lowest in the region.
But Questar Corp. President and CEO Keith Rattie says the next year will be tough anyway for the industry because of anticipated attempts to strengthen federal oversight of oil and gas development.
He says with Democrats controlling the Oval Office and Congress, the industry will have to make its case to moderate members of the party.