According to the U.S. Geological Survey, the previous estimates for the amount of gas in the Mancos Shale formation in Colorado’s Piceance Basin were a teensy bit off. How far? About 4,000 percent. A recent report from the organization stated that the deposit may have as many as 66.3 trillion cubic feet of gas, as opposed to a 2003 estimate which put the number at around 1.6 trillion. This new estimate puts Colorado as the second biggest home of gas in the nation.
Among the legislative issues facing Coloradans in the voting booth this November is the highly controversial initiative 63, or the “Right to Healthy Environment” Initiative. The petition still needs to clear the nearly 100,000 signatures required to become an official part of this November’s vote, but if it is put on the ballot, it could spell trouble for the oil and gas industry in the state.
Things continue to remain sparse in the oil and gas industry, and while public sentiment is almost inclined to cheer that development, the real victim of the industry downturn has been smaller oil and gas businesses across the country. While the industry’s financial hardships are expected to continue into the future, there’s hope on the horizon for the industry as a whole.