New Mexico adopts rule as oil industry touts fiscal impact

New Mexico
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ALBUQUERQUE, N.M. (AP) – New Mexico regulators have adopted a rule aimed at oil and natural gas companies as the industry touted the more than $3 billion that was pumped into the state’s coffers through taxes and revenues during the last fiscal year.

With the change, the Oil Conservation Division will be able to assess civil penalties for violating state laws. State officials and environmentalists say that will allow for better regulation of the booming industry.

The New Mexico Oil and Gas Association had supported legislation that cleared the way for the change, saying some rules can ensure a level playing field among operators.

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