By Joseph Montes.
The Mora County Commission has turned its back on New Mexican families, school students and the unemployed to embrace the environmental lobby with open arms. In a recent decision that has left many residents scratching their heads, the commission decided to ban oil and natural gas development in their county. With the New Mexican oil and natural gas industry serving as a primary engine for both the state’s economic recovery and public-school funding, blocking drilling has severed people in that area from employment opportunities, property rights, and additional education funding. Read Entire Article Here
If the Obama Administration approves liquefied natural gas (LNG) exports to non-free trade nations (those that do not have separate trade agreements with the United States), New Mexico could see an immediate increase in economic output of $200 million and the addition of 2,000 jobs according to a new Rio Grande Foundation analysis of publicly-available data.
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.
