Advocates in New Mexico have petitioned the Oil Conservation Commission to update outdated laws on oil and gas cleanup, financial assurance, and operator transfers. The state's oil and gas industry is underbonded by $8.18 billion, as reported by a study from the New Mexico State Land Office conducted by the Center for Applied Research. This shortfall poses a potential financial burden on taxpayers.

The petitioners include organizations such as the Western Environmental Law Center, Citizens Caring for the Future, Conservation Voters New Mexico Education Fund, Diné C.A.R.E., Earthworks, Naeva, New Mexico Interfaith Power and Light, San Juan Citizens Alliance, and Sierra Club Rio Grande Chapter. These groups are represented by the Western Environmental Law Center.

Old and abandoned oil sites can leak pollutants into air and water sources, affecting public health and the environment. A significant majority of New Mexicans support requiring companies to cover cleanup costs instead of taxpayers.

“Taxpayers should not be on the hook for cleaning up oil and gas wells and infrastructure," stated Camilla Feibelman from Sierra Club Rio Grande Chapter. "We hope to join with Governor Lujan Grisham’s administration to modernize bonding rules."

A 2021 report indicates that current financial assurances cover only about 2% of necessary remediation on state trust and private lands in New Mexico. The practice of selling low-producing wells to smaller operators exacerbates this issue.

“Oil and gas companies have shown that absent stronger financial assurance requirements, they will gladly saddle the state and taxpayers with the bill,” said Ally Beasley from the Western Environmental Law Center.

The petition aims to ensure proper cleanup of pollution at well sites after extraction ends. Sister Joan Brown from Interfaith Power and Light-New Mexico emphasized that stronger bonding is an ethical action: “Are we not all called to care for our neighbor?”

Douglas Meiklejohn from Conservation Voters New Mexico highlighted that adequate financial assurances are standard in modern environmental laws like the New Mexico Mining Act.

Kayley Shoup with Citizens Caring for the Future noted that as climate change forces adaptation, it is crucial for leaders today to practice financial responsibility: “It’s imperative that leaders lay the foundation for that future.”