Frank J. Macchiarola, Executive Vice President of Government Affairs of America's Natural Gas Alliance (ANGA), issued the following statement after Texas Gov. Greg Abbott signed into law Texas H.B. 40, legislation reaffirming state oversight of oil and natural gas regulations.
"Texas' energy industry has been the backbone of the state's economy for decades. Oil and natural gas activities support roughly 40% of the state's economy. Leaders in Texas recognise the importance of upholding this industry, and ANGA commends Gov. Abbott for signing into law a proposal that takes concrete action to protect our abundant energy resources.
"Last year in Texas, the oil and natural gas industry accounted for approximately US$15.7 billion in state, county and local tax revenue. And, in 2013, Texas accounted for nearly 29% of all US marketed natural gas production. This legislation ensures a continuation of the energy success story in Texas.
"We applaud the Texas legislature for passing this critical legislation, and hope that more states will follow Texas' lead with regulatory structures that provide certainty to an industry that supports our energy security and economic growth."
H.B. 40 protects both public safety and economic development with a uniform framework that will:
- Preserve the ability of cities to address local surface activity, such as noise, traffic and lights.
- Ensure the state's effective oversight of oil and natural gas activities, such as drilling, hydraulic fracturing and production.
Read ANGA's testimony in support of H.B. 40 in full here.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/19052015/anga-applauds-new-texas-law-to-uphold-the-states-energy-economy-802/