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 FY20, accounting for 33.5 percent of total state spending, the New Mexico Oil and Gas Association (NMOGA) said in a news release.Read more
$62 Billion In Lost Tax Revenue, $85 Billion In Lost Income, $207 Billion In Lost Value Added Through 2040Read more
Deep in the Permian Basin, America’s biggest oilfield, Occidental Petroleum Corp. plans to build a facility that it believes could change the way the world thinks about fossil-fuel emissions. The globe’s first large-scale direct air capture (DAC) plant will remove carbon dioxide from the atmosphere and pump it deep underground, where it will remain for millions of years. The process would essentially be the reverse of what oil and gas companies do today. The goal is to lower emissions of the primary greenhouse gas responsible for global warming—and one day even produce a carbon-negative barrel of oil.