Drillers Dodge $10 Billion-A-Year Threat to Output in Colorado – Bloomberg

Oil and natural gas explorers including Anadarko Petroleum Corp. and Encana Corp. have escaped a vote in Colorado that would’ve limited drilling and threatened to halt about $10 billion worth of oil and natural gas production a year.A proposal known as Initiative No. 78, which would’ve restricted drilling near homes, fell about 21,000 valid signatures short of the total needed to qualify for a ballot vote, based on a projection in a statement from Colorado Secretary of State Wayne Williams. A measure allowing local governments to ban fracking also failed to attract enough signatures.The measures had threatened to wipe out oil and gas drilling in Colorado, the sixth-largest gas producer among U.S. states, according to a Bloomberg Intelligence analysis. Initiative No. 78 alone could’ve barred drilling across 90 percent of the state, where explorers extracted about $10 billion worth of oil and gas last year, the report showed.

Source: Drillers Dodge $10 Billion-A-Year Threat to Output in Colorado – Bloomberg

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