Colorado drilling rates down dramatically from last year
August 22, 2009
DURANGO, Colo. – The number of oil and gas drilling rigs operating in Colorado is at its lowest level since 2003, dropping to about 40 rigs in July from roughly 140 a year ago.
Drilling across the state has dropped dramatically as the recession wears on and natural gas prices remain low. Industry officials have also blamed Colorado’s new oil and gas rules.
State records show that 3,339 drilling permits were approved through Aug. 6. The state issued a record 8,027 permits last year.
The drop in drilling means fewer jobs in the gas fields and less tax revenue for state and county governments, fire departments and schools.