Fueling New Mexico
How New Mexico’s Oil and Natural Gas Industry Benefits All
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Total contribution to state budget from oil & gas.
$2.9 Billion
That amounts to
35%
of New Mexico's state budget.
Tax Funding
Corporate Income Tax
$18.9 million
Oil & Gas Conservation Tax
$38.9 million
Natural Gas Processors Tax
$10.4 million
Gross Receipts Tax
$219.1 million
Personal Income Tax
$184 million
Oil & Gas School Tax
$420.4 million
Compensating Tax
$13.8 million
Other Funding
Federal Mineral Leasing
$802.9 million
Severance Tax Permanent Fund Income
$202.6 million
Land Grand Permanent Fund Distribution
$697 million
Land Office Income
$9.9 million
Economic Growth
The rapidly expanding $27 billion oil and natural gas industry is growing New Mexico’s economy and giving New Mexicans work.
New Mexico General Fund
Oil and natural gas industry supports one-third, or nearly $3 billion of the state’s annual budget.
More Jobs
More than 134,000 New Mexicans are employed as a result of oil and natural gas production.
Vital Infrastructure
Oil and gas funds support the construction of new roads and highways to keep New Mexico on the move.
Public Safety
Oil and natural gas help New Mexico put more public safety officers on the streets, keeping our communities safe.
Funding Local Schools
Students and teachers receive more than $1.4 billion each year to support New Mexico’s schools.
Total education funding provided by the oil & natural gas industry:
$1.4 Billion
Over 1/3
of the funding for New Mexico schools.
$991,232,561
K-12 Funding
$262,574,758
Higher Education Funding
$45,365
Funding per Teacher
