In Colorado, industry representatives say new regulations have created uncertainty and discouraged investment in new drilling. Meanwhile, drivers are hoping for relief as gas prices keep rising.
Oil prices are staying north of $100 a barrel. Natural gas prices are more than twice as high as a year ago. Europe is looking to replace the oil and gas it gets from Russia as bans and embargoes imposed because of the country’s invasion of Ukraine kick in.
And in Colorado, industry representatives say new regulations have created uncertainty and discouraged investment in new drilling. Meanwhile, drivers are hoping for relief as gas prices keep rising. . When the pandemic hit, the number of rigs dropped from 21 in March 2020 and stayed in the single digits through March 2021.
Foreman said Colorado plays an important role in boosting production to ensure U.S. economic and energy security. The state is the country’s fifth-largest oil producer and seventh-largest natural gas producer, according to the U.S. Energy Information Administration. Diederichs, vice president of intelligence for Enverus, said one of the factors is the fiscal restrictions managers have imposed on companies to“That was always the knock on shale oil. A lot of people had questions about at what point do you shift from growth mode to a more sustainable business model where investors actually see returns on their dollars invested,” Diederichs said.
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