Texas lawmakers approve legislation to instate an anti-oil theft squad
Aiming to Tackle Oil Theft in Texas, Senate Bill 494 Proposed
In a move to curb the longstanding issue of petroleum theft, the Texas House has green-lighted a bill that establishes a state-wide task force. This bold initiative, if signed into law, could potentially save the state's oil and gas industry millions of dollars lost due to such thefts over the years.
Authored by Republican Senator Kevin Sparks of Midland, Senate Bill 494 outlines the creation of a task force, overseen by the Railroad Commission of Texas. The group, composed of industry stakeholders and law enforcement agencies, will propose strategies to combat petroleum-product theft across Texas.
The bill mandates that every two years, the task force will submit a report detailing recommendations to bolster transparency, enhance security, implement stronger consumer protections, prevent oil theft, and analyze the long-term economic impact of such thefts.
With a vote of 137-6, SB 494 sailed through the Texas House. Previously, it had cleared the Senate unanimously. To become law, the bill now awaits approval from Gov. Greg Abbott's desk.
Petroleum theft was a significant issue in Texas, with the Energy Security Council estimating that 3% of the state's total oil production was stolen in 2016 - the latest available data. This translates to potential losses between $450 million and $1.5 billion. In response, state lawmakers had previously introduced criminal penalties for such thefts.
Slated to operate under the Railroad Commission's supervision until Dec. 31, 2030, the task force aims to strategize, investigate, and improve coordination among relevant agencies to tackle petroleum theft effectively. They will also develop industry best practices for securing assets, focusing on transparency, security, and consumer protection.
- The Texas House has passed Senate Bill 494, which aims to establish a task force to combat petroleum theft in Texas.
- The proposed task force, overseen by the Railroad Commission of Texas, will be composed of industry stakeholders and law enforcement agencies.
- Every two years, the task force will submit a report detailing recommendations on transparency, security, consumer protections, and strategies to prevent petroleum-product theft.
- According to the Energy Security Council, 3% of Texas's total oil production was stolen in 2016, potentially equating to losses between $450 million and $1.5 billion.
