It’s been amazing to watch the unfolding of the passage of HB 40 that uplifts the Oil & Gas industry, and most critically the protection of the immense job creation, in Texas. A collection of press releases about this is posted on the Texas Oil & Gas Association site. The paragraph below, which is an excerpt from one of the press releases, summarizes it all. For a more detailed overview of the topic, select the link below.
“HB 40 enjoys widespread, bi-partisan support because the legislation provides cities with authority to reasonably regulate surface activity related to oil and gas operations, while affirming that regulation of oil and natural gas operations like fracking and production is under the exclusive jurisdiction of the state. HB 40 balances local control and property rights, while allowing Texas to continue to benefit from billions of dollars in annual state and local taxes that directly fund our schools, roads and essential services. With 40 percent of the Texas economy and 2 million jobs supported by the oil and natural gas industry, carefully constructed policy like HB 40 has never been more important.”