SANTA FE, NM – Newly released data from the United States Energy Information Administration shows that oil production in New Mexico is booming, propelling the state up to the 3rd-largest oil producer in the United States in September and October, passing Oklahoma and California and trailing only Texas and North Dakota. EIA data also shows New Mexico hitting a record-high in monthly oil production, producing 16,367,000 barrels of oil with New Mexico on pace to set an annual oil production record in 2017.
“Strong oil and gas production equals a strong New Mexico, providing more critical funding for our schools and state budget, and creating more jobs to grow our economy,” said Ryan Flynn, Executive Director of the New Mexico Oil and Gas Association. “We are turning an economic corner because of a surge of activity and investment in the Permian Basin and New Mexico’s attractive and balanced business environment. All New Mexicans benefit from a strengthened economy anchored by oil and natural gas, and can expect these trends to hold up for the foreseeable future as market prices continue to steady and if New Mexico remains a favorable place for oil and gas producers to do business.”
Last month, state economists told lawmakers and the Legislative Finance Committee that the state was on track to see $199 million in “new” money available for the upcoming fiscal year, with The Albuquerque Journal reporting, “a steady uptick in New Mexico oil production and income tax collections have been the driving forces behind the state’s improving revenue picture.” Earlier this year, the federal Bureau of Economic Analysis ranked New Mexico’s GDP among the fastest growing in the nation for the first and second quarters of 2017, and cited New Mexico’s improving oil and gas sector as a key factor.
Data and rankings are compiled and produced by the United State Energy Information Administration, an independent statistics and analysis agency within the United States Department of Energy.
Full EIA State rankings are available here: https://www.eia.gov/state/rankings/#/series/46
Historical EIA New Mexico Field Production of Oil is available here: https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPNM1&f=M