Session 2020 has the potential to bring about massive improvements for our state and industry.
We're scrutinizing every bill and amendment that has the possibility to help or hinder the state's oil and gas industry, and now you can too! More importantly, you'll easily be able to voice your support or opposition of the bills making their way through the capitol building with one click.
With our Legislation Tracker, you can:
We want to make sure you knew first that the Department of Energy is going to immediately make 30 million barrels of the Strategic Petroleum Reserve's oil storage capacity available to U.S. oil producers. Their full release is below. As the situation develops, we will keep you informed.
My office is in receipt of your letter dated March 25, 2020 requesting certain concessions on behalf of the Oil and Gas Industry that your organizations represent. The Office of Conservation readily recognizes and shares your concerns for the industry, particularly those smaller operators whose financial safety margin has been long eroded by suppressed market prices. It is because of these concerns that Conservation is already taking the steps it can within the law in an attempt to ease the burden on operators while maintaining our duty as regulators to ensure responsible operations. While Conservation has already begun to grant leniencies and extensions to operators on a case by case basis as requested, allow me to more specifically address the general concerns you raised in your letter.
A severe downturn in oil prices, triggered by back-to-back knock out punches for our already struggling oil and natural gas industry, is threatening every oil and gas producer and supporting service company in the state. In an effort to begin assessing the severity of the economic impact, we conducted the first in a series of “point-in-time” surveys of our membership last week. The results were sobering.
The Governor has announced Shelter in Place protocols. While it is critical that we do our part to flatten the curve, activities that are necessary for the production of oil or natural gas are considered essential services.
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