Think About Energy Summit

Transcription

1 Think About Energy Summit Richard Wobbekind Senior Associate Dean Executive Director Business Research Division Leeds School of Business

2 Mining GDP, Employment, and Wages Share of Colorado Economy GDP 3.7% Total Wages 2.7% Employment 1.3% Colorado GDP Per Employee: $85,639 Mining GDP Per Employee: $182,105 Colorado Average Annual Pay: $50,559 Mining Average Annual Pay: $108,004 Source: Bureau of Labor Statistics, CES (NSA), and Bureau of Economic Analysis.

3 Average Annual Wages by Sector Management of Companies & Enterprises Mining Professional & Technical Services Information Financial Activities Manufacturing Trade, Transportation, & Utilities Construction Real Estate Health Care Education Administrative & Waste Services Other Services Arts & Entertainment Agriculture Accommodation & Food Services Colorado: $50,559 $0 $40,000 $80,000 $120,000 $160,000 Sources: Bureau of Labor Statistics and Colorado Department of Labor and Employment.

4 Employment Index Colorado Mining vs. Colorado Total January 2000 = Source: Bureau of Labor Statistics, CES (SA). Mining All Industries

5 Colorado vs. Mining Employment Months to Recovery Percent Mining Colorado Number of Months Since Colorado Peak Source: Bureau of Labor Statistics (Seasonally Adjusted).

6 Colorado Energy Production By Source (Trillion Btu) Colorado Energy Production By Source Renewable Energy Recessions Natural Gas Crude Oil 250 Coal Source: U.S. Energy Information Administration

7 Colorado s National Energy Ranking Colorado s Energy Rank Energy Source Rank Coal 11 Natural Gas 5 Crude Oil 9 Nuclear No rank Renewable 27 Total 7 Source: U.S. Energy Information Administration

8 Natural Resources and Mining Output and Value 2004= Indexed Colorado Output Crude Oil = Indexed Value of Colorado Production Crude Oil Natural Gas Coal Coal Natural Gas Sources: Colorado Geological Survey Mineral and Mineral Fuel Activity Reports, Colorado Oil and Gas Conservation Commission, Department of Minerals and Geology, Colorado Mining Association, and Colorado Business Economic Outlook Committee

9 Oil and Gas Industry Direct Employment and Wages Source Employment Employee Compensation (Millions) Drilling 2,402 $208.1 Extraction and Support Activities 26,853 $3,412.9 Petroleum Refineries 501 $65.0 Transportation 801 $93.0 Gasoline Stations 14,062 $290.3 All Other 6,611 $430.0 Total 51,230 $4,499.3

10 Economic Impact Direct, Indirect, and Induced Source Employment Compensation (Millions) Value Added (Millions) Output (Millions) Drilling 4,935 $ $1, $1, Extraction and Support Activities 67,572 $5, $9, $18, Petroleum Refineries 4,746 $ $1, $4, Transportation 2,889 $ $ $ Gasoline Stations 18,646 $ $1, $1, All Other 12,688 $ $1, $2, TOTAL 111,476 $7, $14, $29,568.16

11 State Oil and Gas Revenues Oil and Gas Contributions to Colorado Public Revenues By Source 0% 10% Severance Property Leases Royalties Personal Income Corporate Income Sales Taxes COGCC Tax 32% 1% 6% 36% Source: University of Colorado Business Research Division. 10% 5%

12 Natural Resources Disbursements Total Disbursements, in thousands $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $ Source: Department of the Interior, Office of Natural Resources Revenue.

13 Severance Tax Revenue 12-Month Rolling Sum, in thousands $350,000 $300, Months $250,000 $200, Months $150,000 $100,000 $50,000 $ Source: Colorado Department of Revenue.

14 Colorado Property Tax Revenues Millions $7,100 Percentage 12% $6,900 $6,700 Colorado Total Property Taxes Est. Percentage from Oil and Gas 10% $6,500 8% $6,300 6% $6,100 $5,900 4% $5, % Source: Division of Property Taxation, Colorado Department of Local Affairs, Annual Reports. Note: Property tax estimate from BRD, and excludes municipal levy.

15 Economic Impact Summary $29.6 billion added to Colorado economy in 2012 Oil and gas production totaled $9.3 billion in 2012 Natural gas 51% Oil 46% Carbon dioxide 3% 3,773 approved drilling permits in 2012 Down 19% from 2011 Total employment estimated at 111,476 in % of Colorado s total employment $3.8 billion paid to workers across the state 2.8% of Colorado s total earnings

16 Thank You