New Mexico received record $5.3 billion from oil, gas production, industry report says
The oil and gas sector pumped a record $5.3 billion into New Mexico’s state and local governments in fiscal year 2021, according to a report the industry praised and critics bemoaned as further evidence of the state’s fossil fuel dependence.
While the governor and some lawmakers have promoted plans to shift the state toward renewable energy in the coming decade to combat climate change, industry executives contend oil and gas will remain a huge revenue source for New Mexico in the foreseeable future.
Production showed a 37 percent increase over fiscal year 2020, when the market slumped with falling oil prices, putting almost $3 billion into the state’s general fund this year — an amount comprising more than a third of that fund, the report said.
In all, the industry added $1.3 billion to education across the state, which is almost a third of the operating budgets, the report said. The production surge enabled New Mexico recently to surpass North Dakota and become second in the nation behind Texas.
https://www.santafenewmexican.com/news/new-mexico-received-record-5-3-billion-from-oil-gas-production-industry-report-says/article_72801ca0-52c4-11ec-8e26-b70ea33ed038.html
