Market Data
November 8, 2018
Prop 112 Fails to Get Majority Vote in Colorado
Written by Tim Triplett
Oil and gas companies, and their steel suppliers, were relieved to learn late Tuesday that Proposition 112 failed to get enough support among the voters who cast ballots in Colorado. The highly contentious measure, which pitted the energy industry against anti-fracking environmentalists, failed by a 57-43 percent margin.
Proposition 112 would have more than doubled the setback of new oil and gas drilling operations to 2,500 feet from any “vulnerable” areas, ranging from homes, schools and hospitals to open spaces and water sources such as lakes, rivers and creeks. The energy industry argued that such a broad setback requirement would make more than 85 percent of the land in Colorado off limits to drilling, with devastating consequences for jobs and the economy. Supporters of the measure argued that oil and gas drilling pose serious health and safety risks to the public and the environment.
