This is one of the peak moments in oil and gas production in NM, as the Permian Basin in both NM and TX continues to be “built out” with new wells and infrastructure and greater production from new technologies coming online. Oil and Gas is boom and bust, and volatile, although there are factors underlying this particular boom which are based on US exporting oil on world markets at levels never seen before, which might suggest some of this is “here to stay”.
Hovering in the background of Oil and Gas revenues for NM is the important issue of what are we going to do about climate change that is driven in large part by fossil fuel burning. Perhaps there will be a solution that reduces CO2 in the atmosphere via some new technology: it’s hard to imagine the world’s economies just walking away from fossil fuels in the necessary time frame to avoid the worst of the consequences. But for now, the funding will be there for additional programs in education in NM next year, and quite possibly for years to come.
[gview file=”https://publicservicesalliance.org/wp-content/uploads/2019/08/New-Mexico-gets-millions-more-in-revenue-from-oil-and-gas-than-predicted.pdf”] [gview file=”https://publicservicesalliance.org/wp-content/uploads/2019/08/New-Mexico-on-pace-for-record-7.8-billion-revenue-thanks-to-oil.pdf”]