Oil and Gas Dispute

Gov. Bill Ritter was quite angry as he confronted the oil and gas industry for saying a proposed ballot initiative to increase severance tax revenues, would cause Coloradans utility bills to increase, as well as higher pump prices, and turn local governments against energy firms.

Ritter was speaking to the Rocky Mountain News editorial board affirming the initiative, which calls for the removal of an ad valorem tax credit which now allows energy companies to cut their state severance tax by a significant amount. At an event later that day, Ritter told the attendies the measure has garnered more than 137,000 signatures - nearly double the 76,000 needed to get on the ballot in November. If passed it will raise about $321 million a year - most of the money going to scholarships.