To put it mildly, 2020 has been a strange and volatile year for those of us in the energy industry.
As the year began, energy demand was hovering near all-time highs, but the American shale revolution of the past decade meant that our industry was more than up to the challenge of providing ample supply. Prices were stable for consumers who, at the time, were going about their daily lives, commuting to and from offices, and taking weekend trips to the mountains.
And then the world stopped.
We’d prefer to be exaggerating, but the world truly stopped. People stopped going to work. Families stopped visiting friends for dinner. Skiers stopped shuffling into Colorado’s mountain communities. Air travel essentially evaporated overnight.
To be sure, it was the right thing to do. The directives and guidance from federal, state, and local officials over the past few months have undoubtedly saved millions of lives, and our medical and first responder heroes on the front lines are worthy of our eternal gratitude. In the words of Governor Polis, we’ve each done our part, and we continue to reflect on the sacrifices we’ve made as a society to protect ourselves and each other during these historic times.
Though Colorado’s energy operators are hardly immune from the market-wide repercussions that the COVID-19 pandemic has wrought, there’s a glimmer of light at the end of the tunnel. As our mask-wielding society slowly returns to normalcy, or some iteration thereof, people are once again on the move.
Demand for natural gas and oil has begun to follow suit. While this reemergence has begun gradually, third-party analysts project a full recovery for the energy industry by next year.
Here’s what we know: Our state was one of the first to bounce back following the Great Recession, and Colorado is ready to lead the way once again, as society recovers in the months and years ahead. Natural gas and oil are a bedrock of our enviable economy; accordingly, energy’s rebound will be central to our state’s broader revival.
This, as with any successful endeavor, will require collaboration and, more simply, a will to get it done. We have a renewed opportunity to do just that. On July 1, the Colorado Oil and Gas Conservation Commission seated, for the first time, a professional body that will play a central role in regulating our industry going forward.
That is, without question, a significant and positive development with respect to the Colorado energy landscape following the passage of Senate Bill 181 last year. The outgoing volunteer commission deserves its praise, but as we embark on a series of rulemakings, Coloradans will benefit from having a full-time Commission who can immerse themselves into what is often complex and nuanced policy work.
What our industry seeks, in the broadest sense, is some semblance of certainty and predictability. We hope to operate with confidence that the rules being written today will remain in place going forward. Everyone involved in the post-Senate Bill 181 conversation has and will continue to place paramount importance on public health, safety, and the environment.
These priorities will be enhanced with a professional Commission in place, but it is critical that regulators and elected officials know what is at stake. In recent years, the natural gas and oil industry has supplied over a billion dollars annually in local and state tax dollars. Those dollars fund schools, EMTs, and roads, to name just a few. Given the multi-billion-dollar budgetary crisis at the state capitol, it would serve all Coloradans to see its energy industry back on its feet as quickly as possible.
We’re ready to do our part, and invite the Commission to embrace this unique opportunity that we’ve been given. If we get this right, Colorado’s environment will be better protected than ever, and our energy economy will come roaring back. Who would say no to that?
— Lynn Granger is executive director of API Colorado, a division of the American Petroleum Institute. Dan Haley is the president and CEO of the Colorado Oil and Gas Association.
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