The State of Nevada Petroleum Fund (Fund) was initially implemented in 1989 by state legislation to assist owners and operators of regulated underground storage tanks in meeting the federal requirement for financial responsibility, pursuant to Code of Federal Regulations (CFR) 40 CFR 280.90 through 280.99. The Fund also allows voluntary enrollment of non-regulated petroleum storage tanks and automatically covers releases from residential heating oil tanks.
The Fund provides reimbursement to the qualified storage tank owner/operators for corrective action costs associated with cleaning up petroleum product releases. The Nevada Division of Environmental Protection reviews requests for reimbursement and the Board to Review Claims approves payments from the Fund. The Board is composed of three statutory members and four governor-appointed members.
The Fund is supported by a $0.0075 fee for each gallon of motor vehicle fuel, diesel fuel of grade number 1, diesel fuel of grade number 2, and heating oil imported into, or refined in, Nevada. There is also an annual registration fee of $100 per tank for enrollment into the Fund for all regulated and non-regulated storage tanks with the exception of heating oil tanks.
Since its inception, more than 1,531 cases have been submitted to the Fund for reimbursement of cleanup costs associated with leaks or accidental releases from petroleum storage tanks. The Fund has provided over $220 million towards the cleanup of petroleum releases in the State of Nevada. The current available cash balance in the Fund is approximately $9.5 million.
Next Meeting - March 8, 2018 at 11:00 am
Carson City location - Nevada Legislative Building, 401 S. Carson Street, Room 2134
Las Vegas location - Grant Sawyer Building, 555 E. Washington Ave., Room 4412
Meeting Agenda - Unavailable
Note: The deadline for claims to be submitted for the March Board meeting is January 25, 2018.
All Petroleum Fund Case information including: coverage applications, not-to-exceed proposals (NTEPs), and claims, is now stored and utilized through the Nevada Environmental Activities system at https://nevadaenvironmentalactivities.ndep.nv.gov/Default.aspx.
Statutory Authority: NRS 445C.010 through 445C.410
Associated Regulations: NAC 590.700 through 590.810 (soon to be codified as new NAC 445C)