The commission is granted all the powers necessary or appropriate to carry out and
effectuate the purposes of this chapter, including the power to:
1. Make grants or loans, and to provide other forms of financial assistance as necessary
or appropriate, to qualified persons for research, development, marketing, and educational
projects, and processes or activities directly related to the oil and gas exploration,
production, or refining industry, or the petroleum marketing industry;
2. Enter into contracts or agreements to carry out the purposes of this chapter, including
authority to contract for the administration of the oil and gas research, development,
marketing, and educational program;
3. Keep accurate records of all financial transactions performed under this chapter;
4. Cooperate with any private, local, state, or national commission, organization,
or agent, or group and to make contracts and agreements for programs benefiting the
oil and gas industry;
5. Accept donations, grants, contributions, and gifts from any public or private source
and deposit such in the oil and gas research fund; and
6. Make and explore orders, rules, and regulations necessary to effectuate the purposes
of this chapter.
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