Published : Wednesday, 30 May 2012, 7:01 PM MDT

by Deanna Sauceda

ALBUQUERQUE (KRQE) – Crude oil prices have been dropping, so has natural gas, but what’s good for consumers has state number crunchers worried that could impact state revenues.

New Mexico is seeing a switch due to the changes in the fuel industry, according to John Felmy, chief economist for the American Petroleum Institute, who was in New Mexico Wednesday.

Natural gas prices are at a 10-year low, and this winter crude oil was more than $100 a barrel. So crude oil drilling exploded in New Mexico.

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Oil and gas bring millions to Eddy County
From the Current-Argus
Posted: 05/16/2012 07:41:19 PM MDT

By Stella Davis

Current-Argus Staff Writer

CARLSBAD — Financially, it’s been a banner year for Eddy County government in terms of oil and gas revenue.

So it comes as no surprise that the Eddy County Commission on Tuesday issued a proclamation stating its undying support of the industry and urging the state to create and maintain a positive business climate for the county’s bread and butter.

Reading from the proclamation, Commissioner Guy Lutman said, ” The economic activity created by the oil and gas industries generates significant revenues to the local governments in Eddy County and the revenue received by the county enables Eddy County to provide more and better quality services to its citizens.”

Lutman said for the first time in several years the number of operating wells in Eddy County has surpassed those in Lea County.

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