News

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.

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.

KRQE Media | KRQE | August 22 2018

Chevron is giving back to New Mexico 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.

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.

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.