Oil and gas was a precious commodity in New Mexico for decades, generating billions of dollars in revenue for the state each year.
Amid the COVID-19 pandemic, the value of fossil fuels to New Mexico remained unchanged as the State Land Office reported continued high levels of production and revenue from extraction on state land.
Land continued to be leased to operators in monthly sales as operations focused on the Permian Basin region to the southeast.
But New Mexico Commissioner of Public Lands Stephanie Garcia Richard said the resource was “finite” and would run out eventually.
To her, that meant New Mexico’s economy and use of its State-owned public land needed to diversify.
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In a unanimous ruling late last week, the U.S. Supreme Court slashed the Federal Trade Commission’s favored route to impose monetary penalties in consumer protection cases. Our Consumer Protection/FTC Team examines the decision, its immediate impact on enforcement actions, and Congress’s ability to step in to increase the FTC’s authority through legislation.
The Section 13(b) “shortcut” to remedy consumer harm is blocked
How will this affect the FTC’s enforcement program?
Will Congress step in to offer a fix?
Late last week, the Supreme Court issued a unanimous decision in
New Mexico State Land Office Files Lawsuit To Clean Up Massive Abandoned Oil And Gas Site In McKinley County
State Land Office News:
SANTA FE In honor of Earth Day Thursday, April 22, the New Mexico State Land Office filed its 16
th lawsuit in its ongoing Accountability and Enforcement Program.
The Accountability and Enforcement Program, launched in November 2020, is a historic, agency-wide programmatic approach being undertaken to ensure oil and gas companies, and other lease holders, honor their contractual promise to operate and close out responsibly.
“At the core of our Accountability and Enforcement Program is a commitment to protecting the land for future generations. A lot of companies are proving willing to work with the State Land Office to clean up abandoned well sites. At the other end of the spectrum, we are taking decisive legal action against companies who walk away from their messes and responsibilities to the land,” Commissioner of Public Lands Stephani
IR-2021-88, April 19, 2021
WASHINGTON As part of the continued focus on compliance issues, the Internal Revenue Service announced today the establishment of the IRS Office of Promoter Investigations. The new office will further expand on the efforts of the Promoter Investigations Coordinator that began last summer. By establishing the Office of Promoter Investigations, we are continuing our increased focus on promoters of abusive tax avoidance transactions, which we have demonstrated over the last year, said IRS Commissioner Chuck Rettig. This office will coordinate efforts across multiple business divisions to address abusive syndicated conservation easements and abusive micro-captive insurance arrangements, as well as other transactions.