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Denver's position near the mineral-rich Rocky Mountains encouraged mining and energy companies to spring up in the area. In the early days of the city, gold and silver booms and busts played a large role in the city's economic success. In the 1970s and early 1980s, the energy crisis in America and resulting high oil prices created an energy boom in Denver captured in the soap opera Dynasty. Denver was built up considerably during this time with the construction of many new downtown skyscrapers. When the price of oil dropped from $34 a barrel in 1981 to $9 a barrel in 1986, the Denver economy also dropped, leaving almost 15,000 oil industry workers in the area unemployed (including former mayor and current governor John Hickenlooper, a former geologist), and the nation's highest office vacancy rate (30%). The industry has recovered and the region has 700 employed petroleum engineers. Advances in hydraulic fracturing have made the DJ Basin of Colorado into an accessible and lucrative oil play. Energy and mining are still important in Denver's economy today, with companies such as EnCana, Halliburton, Smith International, Rio Tinto Group, Newmont Mining, Noble Energy, and Anadarko headquartered or having significant operations. Denver is in 149th place in terms of the cost of doing business in the United States.
The Denver MSA has a gross metropolitan product of $157.6 billion in 2010, making it the 18th largest metro economy in the United States. Denver's economy is based partially on its geographic position and its connection to some of the country's major transportation systems. Because Denver is the largest city within 500 miles (800 km), it has become a natural location for storage and distribution of goods and services to the Mountain States, Southwest states, as well as all western states. Another benefit for distribution is that Denver is nearly equidistant from large cities of the Midwest, such as Chicago and St. Louis and some large cities of the West Coast, such as Los Angeles and San Francisco.
As of the 2010 census, the population of the City and County of Denver was 600,158, making it the 24th most populous U.S. city. The Denver-Aurora-Lakewood, CO Metropolitan Statistical Area had an estimated 2013 population of 2,697,476 and ranked as the 21st most populous U.S. metropolitan statistical area, and the larger Denver-Aurora-Boulder Combined Statistical Area had an estimated 2013 population of 3,277,309 and ranked as the 16th most populous U.S. metropolitan area. Denver is the most populous city within a radius centered in the city and of 550-mile (890 km) magnitude. Denverites is a term used for residents of Denver.