Section 70-11-7 - Findings and purpose. - New Mexico Statutes

70-11-7. Findings and purpose.

A.     The legislature finds that:   

(1)     the natural gas industry is an important contributor to the New Mexico economy, as a significant source of both employment and direct state revenues;   

(2)     New Mexico ranks second among the states in onshore natural gas reserves and will likely continue to be a major producer of natural gas for the foreseeable future;   

(3)     a study funded by Laws 1996, Chapter 7 concluded that an additional pipeline capable of transporting New Mexico natural gas to additional markets was, at that time, not economically feasible; and   

(4)     the study should be updated on a regular basis and the results reported to the legislature.   

B.     The purpose of this act is to provide a mechanism for monitoring the need for an additional natural gas pipeline in New Mexico.