Oil industry group starts $1M fund for community projects
ALBUQUERQUE, N.M. (AP) — An oil industry group has established a fund to boost economic opportunities, address child hunger and support science education.
The New Mexico Oil and Gas Association announced the Brighter Future Fund during a news conference Tuesday in Albuquerque, saying nonprofit and educational organizations will be eligible for grants through the fund.
The program will be administered by the Albuquerque Community Foundation.
The trade association and the American Petroleum Institution committed $1 million to the fund through 2024. The goal is to distribute $200,000 annually.
The association worked with the Albuquerque Hispano Chamber to host conversations with stakeholders to identify opportunities for supporting communities. The launch of the fund is a result of those efforts.
The partnership will focus on the Albuquerque area but also will consider regional and statewide proposals.