ALBUQUERQUE, N.M. (AP) — Oil and gas development infused $2.8 billion into New Mexico coffers during the 2020 fiscal year and marked its second-highest total revenue ever reported despite a global price war and plummeting demand amid the coronavirus pandemic, according to a report released Monday.
SANTA FE, NEW MEXICO, December 21, 2020 – A new analysis from the nonpartisan New Mexico Tax Research Institute reports state revenue from oil and natural gas production in New Mexico totaled $2.8 billion in fiscal year 2020, accounting for 33.5% of total state spending. Despite lower commodity prices throughout the spring of 2020, record production kept the oil and
gas revenue at the second highest total ever reported.
As President-elect Joe Biden prepares to take office in January, environmental groups sought to hold the Biden administration accountable for campaign promises to ban new oil and gas leases on federal land and potentially end the practice of hydraulic fracturing or fracking.
SANTA FE, NEW MEXICO, December 17, 2020 –New Mexico Oil & Gas Association (NMOGA) President Ryan Flynn released the following statement today in response to President-elect Biden’s nomination of United States Representative Deb Haaland for Secretary of the Department of the Interior:Read more