The New Mexico Oil and Gas Association (NMOGA) has announced its support for House Bill 403, which aims to refund the state's reclamation fund. This fund was established in the 1970s, with the oil and gas industry contributing a conservation tax on each barrel of oil drilled. The purpose of this fund is to finance efforts to plug and remediate abandoned wells.
Over the years, during times of financial strain, the New Mexico House has diverted funds from the reclamation fund to other areas of the state budget. HB 403 seeks to ensure that these funds are returned for their original purpose.
