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New Mexico’s Deal With Oil Company to Plug Wells Could Set a Precedent

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New Mexico’s Deal With Oil Company to Plug Wells Could Set a Precedent


Welcome to “Feet to the Fire: Big Oil and the Climate Crisis,” a biweekly newsletter in which we share our latest reporting on how the fossil fuel industry is driving climate change and influencing climate policy in five of the nation’s most important oil- and gas-producing states. In addition, we shine a spotlight on the financing of the fossil fuel industry, holding banks and other financial institutions accountable for their role and providing you with updates on their activities.

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New Mexico to Bankroll Plugging of Oil Wells for Company Dubbed ‘Poster Child’ for State Reforms

In an unprecedented settlement, the state of New Mexico came to an agreement with Ridgeway Arizona Oil Corp. to plug 299 of the company’s moribund, nonproducing oil wells, with the state paying the costs and the company reimbursing the state $30,000 per month until the bill is repaid. The repayment process could take more than 83 years. The company was the focus of a Capital & Main investigation last year into companies taking advantage of a state program allowing oil and gas producers to temporarily shut off wells due to the collapse of the fossil fuel market following global COVID-19 economic shutdowns. Instead of forcing companies to produce oil and gas at a loss during the pandemic — which would have the side effect of lowering state tax revenue — the Oil Conservation Division implemented an emergency rule allowing companies to shut down wells for up to three years without penalty.

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Why Pittsburgh’s ‘Extreme Embrace’ of Fossil Fuel Lobbyists Threatens to Undermine Local Climate Goals

More than Houston or Baton Rouge or other cities where the oil industry dominates the economy, Pittsburgh is entangled in “the most extreme embrace” of fossil fuel lobbyists, according to a report from environmental research and advocacy organization F Minus. The report identified five powerful lobbying firms that represent oil and gas companies, as well as environmentally minded groups and city government — a dual loyalty that threatens to undermine local climate goals and the state’s progress on its greenhouse gas reduction goals, reports The Slick’s Audrey Carleton. “Fossil fuel companies have far more money and clout and gravity and so the magnets are always going to move in their direction,” said report author James Browning.

U.S. Banks Lag European Banks in Green Financing

American banks lag European banks when it comes to green financing — loans and bonds for environmentally friendly industries — largely due to a politically fueled backlash in some states against investment policies by some banks suspected favor renewables over fossil fuels. Overall the world’s largest banks made $3 billion from underwriting bonds and making loans in the sustainable category last year compared to $2.7 billion for the oil and gas industry. The backlash began in 2022 when the state of Texas accused BlackRock and nine European investment banks of boycotting the oil and gas industry. In response, BlackRock assured the state that it had $310 billion worth of investments in the oil and gas industry. Either way, the momentum is not quite there yet — four times as much capital (investments, loans, bonds, etc.) needs to be allocated to green projects compared to fossil fuels by 2030 to align with net zero emissions targets, according to an analysis by BloombergNEF. Yet at the end of 2022, that ratio was just 0.7 to 1, largely unchanged from the previous year. “Banks still aren’t keeping pace with the rate of transition that’s required to avoid catastrophic climate change,” Jason Schwartz, senior communications strategist at Sunrise Project, a nonprofit focused on the financial sector’s contribution to global warming, told BloombergBNN.

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Canada’s Big Banks Accused of Misleading Investors When It Comes to ‘Sustainable Finance’

Canada’s big five banks were accused of misleading investors by using terms such as  “sustainable finance” without supporting their claims with actual data, according to climate advocacy group Paris Compliance, which filed a complaint with securities regulators last  week. The banks — RBC, TD, BMO, CIBC and Scotiabank — have made pledges on sustainable finance totalling $2 trillion by 2030. “They’re putting this in the window as one of their core responses to climate change and net zero, when they’re not rationalizing or justifying or providing any evidence or proof about that,” Matt Price, executive director of the group, told the CBC. As an example, Paris Compliance noted that TD Bank served as a co-sustainability structuring agent for a U.S. $4 billion sustainability-linked loan with Occidental Petroleum, an oil company which is spending $12 billion to buy shale driller CrownRock. The banks did not respond to the CBC’s requests for comment.

ING is First Major Bank to End Financing for Blast Furnace Steel Projects

Global banking giant ING took a big step recently as the first major bank to stop financing new unabated steel blast furnaces, new metallurgical coal mines or the expansion of such existing furnaces and mines. The steel sector has long been in the crosshairs of climate activists since it is one of the biggest industrial sources of CO2 emissions. The news was welcomed by environmental groups such as BankTrack, which urged ING to go further by ending “corporate finance and bond facilitation services for companies developing steel infrastructure that depends on metallurgical coal, and companies that have metallurgical coal mining expansion plans.”

Giant Banks Behind Merger that Created the Country’s Largest Natural Gas Producer

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Chesapeake Energy and Southwestern Energy merged last week in an agreement valued at $7.4 billion or $6.69 per share — creating one of the country’s largest natural gas producers. The deal will almost certainly face scrutiny as mergers and acquisitions  continue in the energy industry. The giant, which will soon have a new name, aims to expand production and gain “access to premium markets to supply growing global natural gas demand.” Major financial institutions involved in the deal include lead financial adviser Goldman Sachs and JPMorgan Securities LLC as financial adviser — though both banks have made commitments to help transition their financing from fossil fuels to renewables in the coming decades.


Copyright 2023 Capital & Main



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New Mexico

New Mexico Livestock Board accused of abuse of power in rancher, inspector feud

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New Mexico Livestock Board accused of abuse of power in rancher, inspector feud


LAS VEGAS, N.M. — The approaching desert dusk did nothing to settle Travis Regensberg’s nerves as he and a small herd of stray cattle awaited the appearance of a state livestock inspector with whom he had a 30-year feud.

This was Nov. 3, 2023, and, as Regensberg tells it, the New Mexico Livestock Board had maintained an agreement for almost a decade: Livestock Inspector Matthew Romero would not service his ranch due to a long history of bad blood between the two men. False allegations of “cattle rustling” had surfaced in the past, Regensberg said. 

A dramatic standoff that evening, caught on lapel camera video, shows Regensberg at the entrance gate of his ranch. Defiant, Regensberg says anyone but Romero can pick up the stray cattle he had asked state livestock officials to pick up earlier in the day. Romero, who is backed up by two New Mexico State Police officers, directs Regensberg to open the gate or he will be arrested.

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Travis Regensberg, rancher and contractor, practices his throw on a roping dummy in his barn in Las Vegas, N.M., on Feb. 17, 2025.



Unlawful impound?







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A small herd of Travis Regensberg’s cattle eat feed on his property in Las Vegas, N.M.

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The history

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Travis Regensberg takes a bag of feed out to his cattle followed by his dog Rooster in Las Vegas, N.M., on Feb. 17, 2025.



‘A matter of principle’







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Travis Regensberg gathers his rope while practicing his throw on a roping dummy in his barn in Las Vegas, N.M., on Feb. 17, 2025.


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New Mexico

William McCasland, retired general who led Air Force Research Laboratory, goes missing

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William McCasland, retired general  who led Air Force Research Laboratory, goes missing


A retired US Air Force general was reported missing in New Mexico, with authorities warning that medical concerns have heightened fears for his safety.

Retired Maj. Gen. William Neil McCasland, 68, was last seen around 11 a.m. Friday near Quail Run Court NE in Albuquerque, the Bernalillo County Sheriff’s Office said.

Officials said they do not know what McCasland was wearing or in which direction he may have traveled. The sheriff’s office has issued a Silver Alert.

“Due to his medical issues, law enforcement is concerned for his safety,” the sheriff’s office said.

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McCasland was a longtime leader at Kirtland Air Force Base in New Mexico and previously commanded Kirtland’s Phillips Research Site and Air Force Research Laboratory.

Col. Justin Secrest, commander of the 377th Air Base Wing at Kirtland, told the Albuquerque Journal that the base is coordinating with local authorities.

Retired Maj. Gen. William Neil McCasland, a longtime leader at Kirtland Air Force Base in New Mexico, has gone missing. United States Air Force
1st Lt. Steven McNamara (left) and McCasland cut the cake celebrating 100 years of heritage for the Air Force Research Laboratory at the Heritage Annex. Jim Fisher / United States Air Force
“Due to his medical issues, law enforcement is concerned for his safety,” the sheriff’s office said. Bernalillo County Sheriff’s Office

“Our thoughts are with his family during this difficult time,” Secrest said.

McCasland was commissioned in 1979 after graduating from the US Air Force Academy with a degree in astronautical engineering and held multiple leadership roles in space research, acquisition and operations, including work with the National Reconnaissance Office.

Authorities asked anyone with information about McCasland to text BCSO to 847411 or call the sheriff’s Missing Persons Unit at +1 (505) 468-7070.

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New Mexico

3 thoughts: New Mexico 81, SDSU 76 … Kudos for the local kid, mid-majors getting the squeeze and European bigs

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3 thoughts: New Mexico 81, SDSU 76 … Kudos for the local kid, mid-majors getting the squeeze and European bigs


ALBUQUERQUE, N.M. — Three thoughts on San Diego State’s 81-76 loss at New Mexico on Saturday afternoon:

1. Kudos

No loss is a happy occasion within SDSU’s basketball program, but it was mitigated somewhat by the how and who:

The how: A 3-pointer from the left wing with 43 seconds left that broke a 74-74 tie.

The who: Luke Haupt, a sixth-year senior from St. Augustine High School and Point Loma Nazarene University who is one of those classy, genuine guys you can’t help but root for.

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Aztecs coaches know him and his family well, his father Mike being the longtime head coach at Saints who sent Trey Kell to them. Aztecs players know him from the Swish summer league and open gyms during the summer.

Coach Brian Dutcher: “Kudos to Luke, known him a long time. Coaches are a little different than fan bases, where sometimes (fans) get too hard on the opposition. I wanted to win in the worst way, trust me when I tell you that. But … tip your hat to guys who make important and timely plays.”

Junior guard Miles Byrd: “Credit to Luke Haupt. He’s a San Diego kid. He’s going to (get) up for these type of games. You respect that. Players show up in games like this, and he showed up.”

There’s respect for the moment and respect for what it took to get there.

Haupt grew up, like most kids in San Diego, watching the Aztecs and dreaming of maybe one day playing in Viejas Arena. He went to Division II PLNU instead and toiled in relative anonymity for five seasons, one of which was abbreviated by the pandemic and 1½ of which was wiped out by knee surgery.

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The 6-foot-7 wing finally got to Division I for his sixth and final year, lured to New Mexico by former UC San Diego coach Eric Olen, and has averaged 7.2 points per game with a career high of 30 against Boise State. He had 17 on Saturday against his hometown team, the final three coming with 43 seconds left in a tie game.

The play wasn’t designed for him. Fate sent the ball his way.

“It was a big shot, but it was everything I’ve worked on my entire career and basketball life,” Haupt said. “It’s all the people who have helped me get here and all the work that’s been put in.

“These are moments you dream about.”

2. Death of Cinderella

The Aztecs have slipped off the NCAA Tournament bubble with losses in three of their last four games, yet their metrics are comparable and in some cases better than a year ago, when they didn’t win the conference tournament and sneaked into the First Four in Dayton.

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They are hanging tough at 42 in Kenpom and 44 in NET. Last year they were 46 and 52 on Selection Sunday.

The problem is that there might be historically few at-large berths available to mid-major conferences as the preposterous sums of money coursing through the sport accentuates the divide between the haves and have-nots. The latest field from ESPN’s Joe Lunardi has 11 teams from the SEC, nine from the Big Ten and eight each from the Big 12 and ACC.

The Big East, considered a power conference given its financial commitment to men’s basketball (although that is starting to wane), is expected to get only three, but do the math: Power conferences account for 34 of the 37 at-large invitations to the 68-team field.

Lunardi, and several other bracketologists, has only three mid-majors getting at-large berths: Saint Mary’s and Santa Clara from the WCC, and New Mexico from the Mountain West.

Only Saint Mary’s is in the main bracket. Santa Clara and New Mexico are in his First Four (and the Lobos are his last team in).

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“It’s harder,” Dutcher said, “because there are only so many at-large bids that are going to go to non-power conference teams. When thrown up against the power conferences, the Selection Committee is finding ways to put the power conference teams in.”

Since the tournament expanded from 65 to 68 in 2011, mid-majors have averaged a combined 6.3 at-large berths. The high was 10 in 2013, but it’s been seven as recently as 2024. Last year it slipped to four, equaling the record low, and no mid-major teams reached the Sweet 16.

If teams like Utah State, Saint Louis and Miami (Ohio) win their conference tournaments, knocking out “bid stealers,” it could be three, maybe even two.

Money is talking. It doesn’t guarantee success, but it certainly increases the chances.

3. Euros

The Aztecs have not dipped into the European professional market for players, but maybe this season will change their perspective.

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They have nine losses. Seven have come against teams with a European big.

The latest was New Mexico, which got 24 points and 18 rebounds from the 6-foot-9, 240-pound Tomislav Buljan, a 23-year-old Croatian pro granted one season of collegiate eligibility by the NCAA. He had 20 and 14 in the first meeting, when the Aztecs narrowly escaped with an 83-79 win after trailing in the final minute.

“He was a monster tonight,” Haupt said. “That was huge for us. Loved the way he played.”

The week before, the Aztecs lost to Colorado State and Rashaan Mbemba from Austria.

They’ve lost to Grand Canyon twice with 7-1 Turkish pro Efe Demirel, a 21-year-old “freshman” who has experience in the Euroleague, the continent’s most prestigious competition.

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In the December loss to Arizona where the Aztecs were crushed 52-28 on the boards, 7-2, 260-pound Lithuanian center Motiejus Krivas had 13.

Michigan, which beat SDSU in November, has 7-3 Aday Mara of Spain.

Baylor beat the Aztecs two days later with 6-9 Michael Rataj of Germany, then a few weeks later added 7-0 James Nnaji from Spanish club FC Barcelona.

Only Troy and Utah State didn’t start a European big in wins against SDSU — although Mexican forward Victor Valdes had 20 points for Troy.

“Obviously, it’s changing the game,” Dutcher said. “The European pros are coming over because they can make more money over here than they can in Europe. They come over and they’re making good money, whether it’s Demirel at Grand Canyon or it’s Buljan at New Mexico.

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“These are good players who come up through a club system and are basically professional basketball players.”



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