Texas Governor Signs Bills Promoting Oil and Gas, Bolstering Economic Growth

This past week saw Governor Greg Abbott of Texas enact measures that would promote economic growth and support the natural gas and oil industry in the state. Giving a statement at his office, Abbott asserted that this was a critical moment for the future of the state as well as the Permian Basin.

The Permian Basin is a sedimentary basin known to hold vast oil and natural gas reserves. It is located in west Texas and the southeastern region of New Mexico. This basin has over 7,000 fields and spans over 86,000 square miles. It makes up almost 15% of natural gas produced and 40% of all oil production in the United States.

Latest figures from the U.S. Energy Information Administration estimate that this basin contains roughly 20 billion barrels of proven oil reserves.

Abbott added that the laws would help eliminate oil theft in the region and in turn, protect the crucial role energy development played in fueling the state’s economy.

The aforementioned measures were filed by state Reps. Brooks Landgraf-Odessa, Tom Craddick-Midland, and Drew Darby of San Angelo; and GOP Senator Kevin Sparks-Midland. They included HB 48, SB 1806 and SB 494, which afford law enforcement supplementary tools to address oil field theft in the Permian Basin.

Relevant authorities argue that oil field theft has been ongoing for years, increasing as the border crisis intensified during the Biden administration. They also posit that losses have surged as cartel operatives continue to steal to facilitate their illicit businesses.

HB 48 establishes a unit focused on preventing oilfield theft that will operate within a region spanning 36 counties in the state. SB 1806 grants state troopers under the public safety department the authority to inspect any cargo tank suspected of or used to transport stolen petroleum products on a railroad or public road.

This measure also changes the Water Code rules for how gas and oil waste is disposed of.

On the other hand, SB 494 creates a task force to prevent the theft of petroleum products. The measure stipulates that the team will study the theft of these products, examine the impacts of said theft, and give recommendations.

In addition to this, he enacted SB 529, allowing Midland to redirect some of its tax revenues to economic development projects by amending the tax code. Furthermore, he called attention to the $123 million apportioned in the state budget that would be directed towards economic development projects.

These state-level actions show how vital the overall oil and gas industry continues to be, and justifies why companies like GEMXX Corp. (OTC: GEMZ) have pivoted to oil and gas-related activities to complement their previous verticals.

NOTE TO INVESTORS: The latest news and updates relating to GEMXX Corp. (OTC: GEMZ) are available in the company’s newsroom at https://ibn.fm/GEMZ

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