Texas Oil Group Welcomes Bill Passage

The Texas Independent Producers & Royalty Owners Association (TIPRO) has welcomed the passage of a new bill, which it says seeks to prohibit companies that divest from, boycott, or sanction the fossil fuel industry from doing business with the state of Texas.

Members of the Texas House of Representatives voted to approve Senate Bill 13 on Monday, TIPRO highlighted, adding that the organization supported the House and Senate versions of this legislation. The bill will now be sent to Texas Governor Greg Abbott for his signature, TIPRO outlined.

"We applaud the passage of Senate Bill 13 and the leadership of Texas Senator Brian Birdwell, chairman of the Senate Natural Resources and Economic Development Committee, and Texas House Representative Phil King, who sponsored this legislation in their respective chambers," TIPRO President Ed Longanecker said in an organization statement.

"Unfortunately, we have seen a growing trend of efforts to influence bank lending and investment practices tied to the oil and natural gas industry, which result in distorting capital allocation, raising energy costs for consumers and threatening economic growth for Texas and the United States," he added.

"Texas leads the country in oil and natural gas production, and our industry supports over 30 percent of the state economy. Companies that intentionally target and divest from our state's energy sector should not be rewarded with our tax dollars. TIPRO is proud to support legislation that fights back against energy discrimination for the benefit of all Texas citizens," Longanecker went on to state.

TIPRO, which was founded in 1946, represents nearly 3,000 individuals and companies from the Texas oil and gas industry. It is one of the country's largest oil and gas trade associations and the strongest advocacy group representing both independents and royalty owners in Texas, according to the organization's website.

To learn more about Senate Bill 13, click here. To contact the author, email andreas.exarheas@rigzone.com