84th Texas Legislature, Regular Session, Senate Bill 1985, Chapter 4 Page: 2 of 5
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S.B. No. 1985
1 at the Henry Hub in nominal dollars per million British thermal
2 units, as applicable, as projected for the current calendar year by
3 the United States Energy Information Administration in the most
4 recently published edition [Ba rlyRelease]vv4cew1 of the Annual
5 Energy Outlook by the spot price of West Texas Intermediate
6 [i]pted lei-sulfu light] crude oil in nominal dollars per barrel
7 or the spot price of natural gas at the Henry Hub in nominal dollars
8 per million British thermal units, as applicable, for the preceding
9 calendar year as stated in the same report. If as of March 1 of the
10 current calendar year the most recentlyrpublished edition of the
11 Annual Energy Outlook was published before December 1 of the
12 preceding calendar year, the chief appraiser shall use the
13 projected current and preceding calendar year spot price of West
14 Texas Intermediate crude oil in nominal dollars per barrel or the
15 spot price of natural gas at the Henry Hub in nominal dollars per
16 million British thermal units, as applicable, as stated in the
17 Short-Term Energy Outlook report published in January of the
18 current calendar year by the United States Energy Information
19 Administration in the price adjustment factor calculations. The
20 price for the interest used in the second through the sixth calendar
21 year of the appraisal may not reflect an annual escalation or
22 de-escalation rate that exceeds the average annual percentage
23 change from 1982 to the most recent year for which the information
24 is available in the producer price index for domestically produced
25 petroleum or for natural gas, as applicable, as published by the
26 Bureau of Labor Statistics of the United States Department of
27 Labor. The price for the interest used in the sixth calendar year2
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Texas. Legislature. Senate. 84th Texas Legislature, Regular Session, Senate Bill 1985, Chapter 4, legislative document, May 5, 2015; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth704216/m1/2/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.