The New Mexico economy depends on a strong oil and natural gas industry.
The billions of dollars in annual tax and royalty revenue from oil and natural gas is the single largest source of state funding for our public schools, our colleges and universities, and our health care.
All told, the industry accounts for nearly one-third of all state funding. No other industry comes close in terms of funding essential services.
As we look to recover from the downturn, now is the time for the New Mexico Legislature to foster an environment that will help us secure ongoing oil and gas production that will bring back jobs and new revenue to the state. Now is not the time to add additional regulations, further exacerbating the problem and discouraging production at a time when we need it most.