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The initial grant will allow Texas to plug a fraction of the state’s approximately 7,400 documented abandoned oil and gas wells.
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Texas Comptroller Glenn Hegar singled out financial firms under a 2021 state law that prohibits most state entities from contracting with companies that have reduced or cut investments in the oil and gas industry.
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An investigation by the Associated Press looked into 533 “super emitting” oil and gas facilities in the Permian Basin.
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The federal agency is considering designating the Permian Basin as a “non-attainment area,” meaning it could face tougher emissions regulations.
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The cost of electricity in Texas is tightly tied to the price of natural gas, which has more than doubled since Russia invaded Ukraine in late February.
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The Tall City’s reliance on oil and gas makes it particularly vulnerable to high inflation.
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There hasn't been much drilling in Texas since the start of Russia's invasion of Ukraine, but there are early indications that an extended boom is on the way.
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Domestic producers say it’s time for more investment in oil and gas, but supporters of clean energy argue it may not drive down consumer costs — and could lock the U.S. into an oil-dependent future.
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As the war in Ukraine affects gas prices in the United States, Democrats and Republicans are calling for an increase in domestic energy production. But experts say that won’t be a quick fix.
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Incumbent Railroad Commissioner Wayne Christian was accused of corruption and carrying water for industry in the GOP primary for Texas' top oil and gas regulator.