LOMAX | Anti-oil & gas Initiative 97 asks us to vote against our own best interests

August 22, 2018

Investors: Don't buy what political activists are trying to sell you in Colorado.

I'm surprised this reminder is even necessary, given how anti-oil and gas ballot measures collapsed in 2014 and 2016. But according to the Denver Business Journal, this month's signature submittal for anti-oil and gas Initiative 97 "rattled some investors," with a $3 billion drop in the combined market value of some of Colorado's largest energy companies observed in the days afterward.

To be clear, $3 billion is roughly 5 percent of the combined market capitalization of these firms, so it's nothing they can't bounce back from. But the nature of this knee-jerk reaction is surprising nonetheless. It ignores a whole host of fundamentals - specifically, the longstanding hurdles facing any ballot measure targeting the oil and gas industry in Colorado.

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