Senate Bill 547 is not the only bill ruining the oil industry. HB136 and HB 335 will also put an end to the oil and gas industry in New Mexico as it exists today!
It will be a sad day not only for New Mexico, but also for the country.
Have we not learned the economic losses New Mexicans suffered by the Pit Rule? New Mexico suffered while the surrounding states prospered!
Can we not see the unemployment rate of less than 4 percent in Eddy and Lea counties, which is comparable to the low rates being enjoyed by surrounding West Texas counties while non-oil and gas counties suffer with higher unemployment rate and broke governments?
Hydraulic fracturing has been in existence for over half a century. There are no proven disasters caused by fracturing.
Fracturing and horizontal drilling are responsible for America enjoying a price of less than $4 per 1,000 cubic feet of gas — and there is enough here to last over 100 years.
Similar techniques are being applied in the Bakken zone in North Dakota, various zones in New Mexico, Texas, Oklahoma, Kansas and the northeastern states creating jobs and prosperity, hence a thriving economy. These techniques will make America oil independent!
I am all about protecting the environment and the helpless lizards and prairie chickens, or the spotted owl for that matter, but please let’s not join the Russians — who, too, are opposing fracturing. They, of course, oppose it for different economic reasons: They don’t want Europe to be energy independent!
Do we want to satisfy the Russians and the OPEC countries by putting roadblocks in the systematic progress our country is making towards energy independence?
America is a great country and has been blessed with natural resources. Let’s use common sense and work together to make this country and its citizens better, not worse by imposing ill-founded regulations!
Penroc Oil Corporation is based in Hobbs.