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 more
The US Energy Information Administration (EIA) August Short-Term Energy Outlook (STEO) forecasts that US crude oil production will average 10.7 million barrels per day (b/d) in 2018 and 11.7 million b/d in 2019. If realized, both of these forecast levels would surpass the previous record of 9.6 million b/d set in 1970.Read more
SANTA FE, NEW MEXICO – Today, economists with state agencies and legislature released new revenue estimates for the fiscal year beginning July 1, predicting revenue will outpace spending obligations in the coming year by an “astonishing” $1.2 Billion. Growth in the oil and gas industry was cited as a key driver. New Mexico Oil and Gas Association Executive Director Ryan Flynn offered a perspective from the industry on the heels of the announcement:Read more