Here is a chart of how taxes and royalties flow directly from the oil and gas industry into the coffers of the State of New Mexico and local government entities. The chart does not include income taxes, payroll taxes, gross receipts taxes, or compensating taxes from oil and gas operators. The chart also does not include indirect tax impacts such as income and other taxes from service and support companies.
New Mexico oil production is on pace to reach 80 million barrels for 2012. You have to go all the way back to 1978 and 1979, to see production levels in this range. The increased trend in production shows up in reports on both the federal government’s Energy Information Administration website and the New Mexico Oil Conservation Division website. The increase in production is one of the main reasons economists are forecasting that $283 million in new funds will be available for the state in the upcoming legislative session.
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.
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.
By U.S. Congressman Steve Pearce
Dec 9, 2011 Issues: Economy and Jobs, Energy
Like all Americans, I want to protect wildlife in both good and bad times. Gifford Pinchot, the first Chief of the US Forest Service once said, “Conservation means the wise use of the earth and its resources for the lasting good of men.” I concur wholeheartedly. Mr. Pinchot was one of the most publicly known conservationists of the 20th century, and recognized that to have healthy forests controlled thinning operations must take place. He believed as I do that conservation should never mean tying our hands to economic development or good stewardship of our lands, but instead should be about finding a balance between jobs and resource protection.
I have always advocated balance, which is why I support the cooperative efforts between private stakeholders, federal officials and local governments through the Candidate Conservation Agreement with Assurances (CCAA), which allows private landholders to enroll their land and money in a program designed to protect the Dunes Sagebrush Lizard without listing it. This is a reasonable approach that will serve New Mexico well by protecting our environment and our economy simultaneously. Of course, common sense is usually in short order when it comes to DC lawyers and lobbyists with their hands on taxpayer dollars.
By BARRY MASSEY Associated Press on GreenfieldReporter.com
First Posted: October 18, 2011 – 11:06 am
SANTA FE, N.M. — New Mexico’s financial outlook is weakening and there will be less money available for government programs and services in the upcoming budget year than previously expected, lawmakers were told Tuesday. Read Entire Article →