A statewide, 2,000-foot buffer zone between oil/gas drilling rigs and homes, schools and businesses would take a hammer to the gas and oil industry of Colorado, which is reeling from low commodity prices, as well as the state's wider economy, was stated in a new study conducted by the University of Colorado Boulder’s Leeds School of Business (UCBLSB). Similar setback requirement "may lead to a quite slower economic growth" for the economy of Colorado, as well as state revenue, according to the release on Wednesday study.
The study said its forecast on the effects of a 2,000-foot setback included:
- Production of oil and gas statewide could drop between 25% and 50%;
- A $6 billion to $11 billion drop in Colorado’s gross domestic product;
- A loss of 33,000 and 62,000 jobs between 2015 and 2030;
- Loss of $214 million to $428 million in per year in tax revenues from oil and gas companies.