CU-Boulder’s Leeds School of Business released a study last week tracking how much money the oil and gas industry has contributed to the Colorado economy. Researchers found billions of dollars were generated over a four-year period.
The study was commissioned by the American Petroleum Institute and looks at energy development in each county from 2008 to 2012. During that time, the energy industry generated more than $126 billion statewide, the analysis finds.
In 2012 alone, nearly 32,000 workers were spread across industry involved in drilling, extraction, support activities, pipeline transportation, and construction. In the four year period, the analysis found the industry supported more than 93,000 jobs in Colorado.
Oil and gas operations happen in 38 counties but the majority are centered in Garfield, La Plata, Rio Blanco, Montezuma and Weld Counties.
During the four-year period, oil and gas activity in Garfield County accounted for more than 24 percent of total state production, or $2.1 billion. The county had more than 2700 people working in the industry and in 2012, Garfield County government received $38 million in taxes from oil and gas.