The New Mexico Oil and Gas Association proudly supports HB 403 to refund New Mexico's reclamation fund. This fund was introduced in the 1970s, and ever since then, the oil and gas industry has paid a conservation tax on every barrel of oil drilled to fund efforts to plug and remediate abandoned wells. During lean years, the New Mexico House has redirected funds from the reclamation fund to other parts of the state budget, and HB 403 will ensure these funds are returned for their intended purpose.