This content was originally published by the Longmont Observer and is licensed under a Creative Commons license.
Longmont City Council voted Tuesday night to endorse Senate Bill 18-063, Oil Gas High Financial Assurance Reclamation Requirements.
The bill, also known as the "Taxpayer Protection from Oil and Gas Costs Act." It would mandate the Colorado Oil and Gas Commission to insure that oil and gas permit applications include financial assurance sufficient to finance all reasonably foreseeable expenses related to ensuring compliance with the oil and gas law if the operator fails to meet its compliance obligations. It also adds requirements for permit applications in regards to reclamation's based on hard rock mine reclamation requirements in existing law.
Senate Bill 18-063 is sponsored in the Colorado Senate by Matt Jones and in the House by representative Adrienne Benavidez.
The bill was introduced on January 12, 2018 and will receive its first consideration in the Senate Agriculture, Natural Resources, & Energy committee on Thursday, February 1st at 1:30 PM.
Anthony Maine also contributed to this article.
