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Johnson signs tax break for oil industry.(Legislature)
Byline: THE ASSOCIATED PRESS
Legislature '99
SANTA FE Gov. Gary Johnson has signed a bill providing a tax break for the struggling oil and gas industry.
"American consumers can now buy gasoline at bargain-basement rates. But they will pay for it in the future if we allow cheap imported oil to destroy our domestic oil and gas production," Johnson said after a meeting of representatives from Oil Patch communities Friday where he signed the bill.
House Bill 11, introduced by Rep. Don Whitaker, a Eunice Democrat, was designed to help oil producers weather a slump in crude prices. It expands an existing tax incentive for restoring inactive wells …
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