Texas Railroad Commissioner Wayne Christian authored and passed three resolutions to protect states’ rights, protect consumers, and encourage technological innovation in the oil and gas industry on Tuesday, May 18th. The resolutions are as follows:

Resolution 21.052 - Opposition to the CLEAN Future Act (View here): This resolution co-sponsored by Texas and North Dakota asks the Biden Administration and Congress to oppose the CLEAN Future Act and other similar pieces of legislation on behalf of oil and gas producing states.

“The so-called CLEAN Future Act is nothing more than the Green New Deal in lipstick,” said Christian. “This legislation would effectively federalize regulation of oil and gas, increasing costs to consumers and our national debt, while harming our energy independence and national security.”

Resolution 21.054 - Reigning in ESG-style Investing (View here): This resolution asks the federal government to formulate and enforce regulations relating to Environmental, Social, and Governance Funds (ESG). This style of investing has been utilized by activists to force divestment in oil and gas without regard to the rate of return for beneficiaries.

“We cannot allow activist investors to harm the investment and retirement portfolios of our constituents as collateral damage in their war against fossil fuels,” said Christian. “If ESG is not put in check, not only will future retirees face challenges in the years ahead, but we could see record bankruptcies and layoffs in the energy sector.”

Resolution 21.055 - Encouraging Carbon Capture and Technological Innovation (View here): This resolution acknowledges the key role technological innovation, including carbon capture, has played in our nation’s environmental progress and encourages the federal government to act in a bipartisan manner to continue encouraging this progress.

“A clean environment and oil and gas production are not mutually exclusive,” said Christian. “Because of technological innovation, over the last fifty years, our nation has decreased the six major pollutants by 77% while our energy consumption grew 48%, population grew 60%, and economy grew 285%. The key to environmental progress is innovation, not punitive regulations.”

Christian currently serves as Vice-Chairman of the Interstate Oil and Gas Compact Commission (IOGCC) under Chairman Kevin Stitt (Governor, Oklahoma). Christian has held a number of leadership roles in the organization since he was first appointed to the IOGCC by Governor Greg Abbott in 2017. At this year’s meeting, Christian was the author of three out of the four resolutions that passed.

Source - www.worldoil.com