The legislature finds and declares that the conservation of the state's oil reserves will be of broad benefit to the state. Through utilization of modern well closure technologies, oil will be conserved for the state's future. The legislature further finds that such closure will provide an increased supply of high grade crude oil used for the development of advanced lubricants which are crucial in the promotion of the use of high efficiency engines. In recognition of the potential energy conservation benefits to be accrued from the closure of such wells, the legislature declares that a program directed toward the implementation of modern well closure technologies on abandoned oil wells will provide energy, economic and environmental benefits to the state.