[Editor's note: A version of this story appears in the October 2018 edition of Oil and Gas Investor. Subscribe to the magazine here.]
Political opponents can sometimes find themselves in extremely polarized positions. But who would have imagined a battle of opposing viewpoints as stark as that set for the November elections in Colorado? As Initiative 97 made it onto the ballot as Proposition 112, it was as if a cloud containing some of the extreme politics of California descended on the Colorado energy sector.
Like it or not, the big picture is that the global economy needs energy to grow.
At this year’s EnerCom Oil & Gas Conference in Denver, EOG Resources Inc. (NYSE: EOG) highlighted how narrow the sources of world oil supply growth have become. Between 2008 and 2017, global crude oil production, including lease condensate, grew about 6.8 million barrels per day, according to Energy Information Administration data.