MemberSeptember 19, 2021 at 9:15 am
She argued public land lease rates paid by the industry are unduly low, comparing a 20 percent rate paid to the state by producers on the total revenue of a lease compared with 25 percent charged in Texas.
“The oil and gas in the ground belongs to the ultimate sovereigns, the people. It does not belong to the companies,” she said. “What we know now is that oil and gas drilling and combustion are contributing greatly to climate change. It is not in the best interest of New Mexico or our planet to continue these subsidies.”
More:New Mexico works to diversify state land use, insulate from oil and gas busts
New Mexico Sen. Antoinette Sedillo Lopez (D-16)
Sedillo Lopez also contended that oil and gas developments force the state to spend funds on maintaining roads impacted by dense oilfield traffic. She said Congress should follow pledges made by President Joe Biden in the lead-up to the 2020 election to end subsidies to oil and gas.
“Subsidizing fossil fuel also takes public money away from other uses,” she said. “I urge our senators to follow President Biden’s lead and eliminate these subsidies to fossil fuels.”