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Oil And Gas Independent Regulation Act: Definitions, Legislative Declaration, And Public Interest.pdf

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Preview of Oil and Gas Independent Regulation Act: Definitions, Legislative Declaration, and Public Interest
🔗 Source: sos.state.co.us
📊 Size: 6.45 MB
📄 Pages: 10 pages
⬇️ Downloads: 51

Summary

Key points include:

- Commission Creation: A new "Independent Oil and Gas Regulatory Commission" is established under section 34-60-104.1, C.R.S., tasked with responsible and balanced development, production, and utilization of oil and gas resources.

- Legislative Declaration: The act emphasizes the public interest in protecting health, safety, and welfare, environmental conservation, and ensuring fair pricing for natural gas and crude oil. It also aims to create a robust, independent regulatory structure free from political influence.

- Commission Composition: The commission is to be composed of individuals with demonstrated expertise in oil and gas regulation, impartial decision-making skills, and a professional background contributing to the commission's expert knowledge. Members are to be appointed based on technical knowledge, personal and professional integrity, and ability to make sound decisions based on facts and science.

- Local Input: Local governments are granted direct input into commission decisions affecting their communities, ensuring local priorities and considerations are addressed.

- Funding Independence: The commission is given independent control over its funding, exempt from state revenue constraints, and with flexible spending limits as per Article X of the State Constitution.

- Comprehensive Regulation: The act intends to ensure comprehensive and impartial regulation of oil and gas development throughout Colorado.

- Definition Clarifications: Several definitions are added or clarified, including "Commission," "Local Government," and others relevant to the act's provisions.

- Existing Commission Repeal: The existing Oil and Gas Conservation Commission report and publication requirements are repealed, with a transition period for current members to ensure continuity.

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Description

This document outlines amendments to Colorado's oil and gas regulations, establishing the "Oil and Gas Conservation Independent Regulation Act." It defines key terms and declares the public interest in promoting responsible and balanced energy development and utilization.

Technical Information

  • File Format: PDF
  • File Size: 6.45 MB
  • Pages: 10
  • Language: EN
  • Total Downloads: 51
  • Last Updated: 1 month ago

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