Who would have thought that when the government taxes and regulates an industry, the industry might react by not doing as much business

The number of permits issued to drill new oil and gas wells in Colorado is expected to drop 38 percent this year, from a record of 8,027 permits issued in 2008,
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The new, tighter rules on oil and gas operations were supported by Gov. Bill Ritter and environmental groups, who said that Colorado’s air quality, environment and wildlife needed more protections from what had been Colorado’s booming oil and gas industry. But company executives argued that the rules would raise their compliance costs in the state.

http://www.bizjournals.com/denver/stories/2009/07/27/daily59.html

Here is a quick tip for the governor: During a recession it is not good PR to drive industry away from your state with excessive taxation and regulations.