A. The legislature finds that:
(1) the natural gas industry is an important contributor to the New Mexico economy, as a significant source of both employment and direct state revenues;
(2) New Mexico ranks second among the states in onshore natural gas reserves and will likely continue to be a major producer of natural gas for the foreseeable future;
(3) a study funded by Laws 1996, Chapter 7 concluded that an additional pipeline capable of transporting New Mexico natural gas to additional markets was, at that time, not economically feasible; and
(4) the study should be updated on a regular basis and the results reported to the legislature.
B. The purpose of this act is to provide a mechanism for monitoring the need for an additional natural gas pipeline in New Mexico.