NM sees big jump in federal oil and gas revenues

Dec 01, 2017 8:38 AM

rigMichael Coleman / Journal Washington Bureau / Nov. 30, 2017 

New Mexico reaped $455 million from energy and mineral production on federal and Indian lands in fiscal year 2017, up $86.5 million from the previous year’s total, according to the U.S. Department of Interior.

The jump marked the largest increase of any state in the nation.

“Under President Trump’s American Energy Dominance agenda, we’ve increased energy funds by a billion dollars nationally, and by $86.5 million in New Mexico in our first year alone,” said Interior Secretary Ryan Zinke in a statement today. ” That money goes right back to communities for things like public works projects, educational improvements, conservation and parks, and infrastructure upgrades.”

The increase in revenues is being driven in large part by higher oil prices, which have jumped from $45 per barrel in September 2016 and were $53 per barrel in September of this year. Higher prices spur more production.

Read the full article here.