Boom times ahead for all Weld County

As Noble Energy begins building a regional field office in west Greeley, Weld County could be almost over the Great Recession.

The Niobrara Formation under eastern Colorado and southern Wyoming is attracting oil companies from Noble and Anadarko to Haliburton and Chesapeake. And no wonder – yield estimates range from 1 million to 30 million barrels from each square mile. Noble intends to have 10 new rigs drilling by the end of the year, even before the 300 administrative workers move into the new office. Each rig directly employs about 40 people; that could translate into up to 700 additional jobs created throughout the community.

This is good news for a county where unemployment has hovered above the state rate – and that of surrounding counties – since the economic meltdown in 2008. New jobs would boost the languishing housing market, where an inventory of about 800 homes and another 1,000 ready-to-build lots await buyers. And the retail sector, which took yet another hit with the imminent closing of Borders bookstore, could use all the help it can get. The new King Soopers is open and waiting for customers.

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The better news is that new drilling technology allows fewer rigs to extract more oil. The rigs can also be located farther from areas dedicated to other uses, and perhaps cause less environmental impact.

Government officials and economic development types are justifiably delighted and anxious to get the oil money moving through the system. But let’s not forget that the extractive industries work on a boom-and-bust cycle.

Weld County should continue to demand the state restore the local share of the severance taxes paid by drillers. This money supports county schools and roads and law enforcement and social services – all budget items that will feel the impact of an influx of oil-patch workers. And the state should remain vigilant to protect the land we will all live on after the drillers move along to the next big play.

The best news is that Weld County isn’t relying entirely on oil revenues. Leprino Foods is finally hiring for the first phase of its mozzarella manufacturing, and has attracted at least one equipment supplier eager to locate near the world’s largest pizza-cheese maker. Dairy operations are ramping up their herds to supply the millions of pounds of milk the factory will require every day. And JBS continues to expand from its headquarters in Greeley.

Maintaining economic diversity can mean steady growth well beyond the immediate boom.