SUPPORTERS SAY A BILL THAT’LL BE HEARD ON FRIDAY IN THE HOUSE COMMERCE AND ECONOMIC DEVELOPMENT COMMITTEE COULD MEAN AN ADDITIONAL 1.2 TO 2-BILLION DOLLARS FOR NEW MEXICO’S LAND GRANT PERMANENT FUND. THE PROPOSAL WOULD RAISE THE ROYALTY RATE FOR TOP PERFORMING OIL AND GAS LEASES ON STATE TRUST LAND FROM 20 TO 25 PERCENT, MATCHING THE RATE IN TEXAS.
THE MOVE IS OPPOSED BY THE NEW MEXICO OIL AND GAS ASSOCIATION.
