{"id":"SEC-23-011","kind":"order","level":"sector-regulator","jurisdiction":"New Mexico (State trust lands)","state":"NM","metro":"","industry":"23","agency":"","eco":"","issuer":"New Mexico State Land Office","authority":"As SEC-23-008","instrument":"News release, \u0027State Land Office Initiates Emergency Rulemaking Process to Allow Temporary Shut-In of Oil Wells\u0027 (Apr. 3, 2020)","title":"Emergency rulemaking initiated","dateIssued":"2020-04-03","effective":"2020-04-03","end":"n/a","startDate":"2020-04-03","endDate":"2020-06-30","quarters":["2020Q2"],"types":["OTHER"],"addressees":["State trust lessees; the public"],"clause":"\u0027The COVID-19 pandemic brought home, almost overnight, the\u0027 consequences of the demand collapse; \u0027Russia and Saudi Arabia\u0027s relentless price war intended to\u0027 capture market share has \u0027drastically reduced the price of oil, but it has also created a\u0027 storage crisis; operators are \u0027trying to cut back production because pipelines and storage facilities are at\u0027 capacity; \u0027temporary shut-ins until we can better predict the future of the\u0027 market; emergency rule effective for thirty days \u0027with a possible extension up to 120 days\u0027; a tele-hearing to be held on the draft (fragments as extracted from the rendered page).","enforcement":"n/a","functions":["EX","PM","CB"],"notes":"The lessor\u0027s contemporaneous account that the pandemic, not only the price war, drove the shut-in rule; mentions the roughly $1 billion of annual lease revenue at stake.","sourceUrl":"https://www.nmstatelands.org/2020/04/03/state-land-office-initiates-emergency-rulemaking-process-to-allow-temporary-shut-in-of-oil-wells/","snapshot":"","fileExists":true,"fileBytes":224903,"grade":"primary","character":"","description":"","collection":"SEC-23","url":"/library/SEC-23-011","exhibitUrl":"/exhibit/SEC-23-011","citation":"New Mexico State Land Office, News release, \u0027State Land Office Initiates Emergency Rulemaking Process to Allow Temporary Shut-In of Oil Wells\u0027 (Apr. 3, 2020) (Ex. SEC-23-011)","stateName":"New Mexico","related":["SEC-23-008","SEC-23-009","SEC-23-012"]}