News

Distributions from permanent funds approach $1.1B

Dan Boyd, Albuquerque Journal | January 23rd, 2020

New Mexico’s two largest permanent funds will pump an all-time high of nearly $1.1 billion into state schools, hospitals and other programs in the coming budget year.

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Permian Basin drives U.S. oil exports above imports

Adrian Hedden, Carlsbad Current-Argus | January 3, 2020

The United States exported more oil than it imported for the first time in history last year, as production boomed in the Permian Basin of southeast New Mexico and West Texas.

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‘Investing for tomorrow and delivering today’

Dan Boyd, Albuquerque Journal | January 6th, 2020

New Mexico state spending would surge significantly for the second consecutive year under a budget proposal unveiled by Gov. Michelle Lujan Grisham on Monday that would boost state spending by $596.3 million – or roughly 8.4% – over current levels.

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New Mexico governor seeks raises for teachers, state workers

Morgan Lee, AP News | January 6, 2020

New Mexico’s governor delivered budget recommendations Monday that include a new round of pay increases for public school and state government workers plus subsidies to expand early childhood schooling and provide tuition-free college.

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The 2010s: When energy 'scarcity' became 'abundance'

Josh Siegel, Washington Examiner | December 28, 2019

The decade in energy saw the returns from the shale boom of oil and gas pay off.

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Oil Industry Sets New Record With $3.1 Billion in Revenue for 2019 New Mexico Budget

William Allison, Energy In Depth | January 17, 2020

Public schools, highways, and healthcare in New Mexico can expect to see more funding in 2020, thanks to the oil and gas industry. A new report by the New Mexico Tax Research Institute reveals that the oil and natural gas industry contributed more than $3.1 billion in tax revenue for fiscal year 2019 — a dramatic increase of $910 million from 2018. Now, oil and natural gas represent 39 percent of New Mexico’s General Fund revenues, the highest share of all industries in recent history.

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