DENVER -- Is it a $321 Million energy tax hike or a subsidy? Depends on whom you ask.

George Merritt, Yes on 58, said, "It repeals a subsidy. A $300 million subsidy that Colorado gives to the oil and gas industry instead makes investments in our state."

Amendment 58 would reduce tax breaks for oil and natural gas companies and use that money for college scholarships and other programs.

Merritt said, "It would help kids with cost of higher education, protect our mountains and our wildlife and make investments in renewable energy and new energy projects."

But opponents of 58 say that's simply not true and the cost of passing this Amendment would come back to consumers.

Dan Hopkins, No on 58, said, "Oil companies are going to pass it through the pump and even fertilizers for farmers, nitrogen fertilizers made out of natural gas and those are going to up along with cost for transporting the groceries. Just a bad deal for Coloradans all the way around."

Merritt said, "What amendment 58 does is repeal this huge tax credit that only Colorado gives to the oil and gas industry."

Both sides will continue to use television ads all the way up to election time.

For more on what supporter believe, check out Asmartercolorado.com.

For more on what opponents believe, check out voteno58.com.