“Raise the Rate” Bill Introduced To Benefit Public Education

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“Raise the Rate” Bill Introduced To Benefit Public Education

Bill would increase oil and gas royalty rate on best producing leases; require royalty be paid on wasted vented or flared gas

SANTA FE, NM – A bill was introduced Tuesday in the State Legislature to raise the royalty rate on the top performing oil and gas leases on state trust lands to ensure more money is made for New Mexico schools and hospitals. House Bill 398, pushed by Land Commissioner Stephanie Garcia Richard, was introduced by Representative Derrick Lente (D – 65).