Commentary: Today, Democrat state Senators Antoinette Sedillo Lopez and Benny Shendo introduced legislation to place a four-year moratorium on new fracking permits in New Mexico.
Chairman Pearce today issued the following statement in response:
“I agree with Governor Michelle Lujan Grisham when she famously said last year that left-wing progressive activists have ‘lost their minds’in their hostility to the oil and gas industry. The mere discussion in Santa Fe of the concepts presented in this bill will cause future investors to reconsider investing hundreds of billions of dollars in New Mexico when the state is considering eliminating their ability to recoup their investment.“
“Every state employee — including teachers, state police and first responders — will face 43 percent pay cuts if the oil and gas industry decides to stop investing in New Mexico.”
“Is this the government you voted for?”
“And since Senate Democrats are so offended by these oil and gas revenues, perhaps the legislature should pass a resolution to not accept anycapital outlay money from the oil and gas industry.”
“The oil and gas industry is providing $3 billion of the $7 billion being spent by this year’s legislature. When thoughtless bills like this were introduced in Colorado, new development declined significantly and immediately. Make no mistake: when the oil and gas industry cuts back on its investment in New Mexico, your taxes will have to double to make up the gap.”
“Again, is this the government you voted for?”