Texas: Governor Abbott Signs Oilfield Theft Protection, Pro-Growth Legislation Into Law
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~ In a momentous event for the Permian Basin and the state of Texas, Governor Greg Abbott signed several key pieces of legislation into law during a bill signing ceremony at the Permian Basin Petroleum Museum. The bills, including Senate Bill 494, Senate Bill 529, Senate Bill 1806, House Bill 48, and the Beacon Budget Appropriation, aim to protect the oil and gas industry and promote economic growth in West Texas.

During the ceremony, Governor Abbott emphasized the significance of these laws for the future of both the region and the state. "Today is a defining moment for the Permian Basin, the future of this region, and the future of Texas," he stated. "We are bringing the full weight of the law to crack down on oil theft in the Permian Basin to protect the critical role energy development plays in fueling our economy."

One of these laws, Senate Bill 494, establishes a task force to combat petroleum product theft by organized criminals and cartels. This issue has become increasingly prevalent in recent years, with millions of dollars being stolen from communities in the Permian Basin through targeting oil pipelines and storage tanks.

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Senate Bill 529 alters tax codes for Midland to divert certain collected tax revenue towards economic development projects. This will help improve collaboration between energy industry partners and community organizations to advance economic opportunities throughout the region.

Additionally, Senate Bill 1806 provides additional tools for the Texas Department of Public Safety (DPS) to combat oil and gas theft. And House Bill 48 creates an organized oilfield theft prevention unit within DPS to protect assets, support the energy industry, safeguard economic stability, and enhance public safety.

The Beacon Budget Appropriation was also signed into law by Governor Abbott during this ceremony. This appropriation will provide $123 million towards The Beacon project - a pivotal economic development initiative for Midland-Odessa. The project aims to extend access to quality healthcare and education, as well as provide residential and retail space for the growing population in the region.

The Governor was joined by former U.S. Secretary of Commerce Don Evans, Railroad Commissioner Christi Craddick, Senator Kevin Sparks, Representative Tom Craddick, Representative Brooks Landgraf, Midland Mayor Lori Blong, and other state and local officials and energy leaders during the bill signing ceremony.

With these new laws in place, Texas is taking significant steps to protect its vital energy industry and invest in the future of the Permian Basin. The Governor's full bill signing ceremony can be viewed online for those interested in learning more about these important legislative actions.

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