RESEARCH & COMMENTARY: FRACKING CAUSING SURGE IN TAX REVENUE FOR NEW MEXICO
Tim Benson | The Heartland Institute | August 30, 2018
A report released in August 2018 by the New Mexico Consensus Revenue Estimating Group found state revenues will be 15 percent higher for the current fiscal year, which began in July, than previously estimated, leading to an extra $1.2 billion for state coffers. This is primarily due to “unprecedented” oil production levels in the Permian Basin due to advances in hydraulic fracturing (“fracking”) and horizontal drilling technology. The Land of Enchantment is now the third-largest oil producing state in America, behind only Texas and North Dakota.
Read moreSchools in New Mexico’s oil region see enrollment spike
The Republic | August 28, 2018
HOBBS, N.M. — A school district in the heart of New Mexico’s booming oil and gas region has hit record enrollment. And administrators are wondering if the district will need more schools.
Oil boom may provide windfall to New Mexico, public schools
Morgan Lee | Associated Press | August 22, 2018
SANTA FE - A surge in New Mexico’s income linked to an oil boom may give legislators an extra $1.2 billion to work with as they craft the next annual budget, state economists announced Wednesday.
Read moreOil boom drives NM revenues to record high
Dan Boyd | Albuquerque Journal | August 22, 2018
TAOS – After several cash-lean budget years that prompted spending cuts and other austerity measures, a big revenue boom has hit New Mexico.
State lawmakers will have an estimated $1.2 billion in “new” money available in the coming budget year due to unprecedented oil production levels and overall economic growth, according to new revenue figures released Wednesday by legislative and executive economists.
Read moreNo oil bust in sight for booming Permian Basin
Hobbs News-Sun | August 9, 2018
At least for the foreseeable future, the series of oilfield boom/bust cycles is over, according to an industry expert speaking in Hobbs to the New Mexico Association of Counties board of directors last week.
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