According to these measures, Sandoval County has been among the counties for incoming investment in New Mexico since at least 2015. Eddy and Lea counties’ places in the top three for 2018 are a testament to the energy boom happening in the Permian Basin. In 2015, neither county was in the top five.
Oil and gas development accounted for 93 percent of the $852 million in revenue delivered to the state trust lands funds. Public schools received $698.4 million from these funds, an increase of $85 million from the previous year.
Increasing production from the Blanco-Mesaverde field would be a victory for the New Mexican economy and is another boost that will help continue the state’s recent economic growth and success.
The New Mexico State Land Office has set a record for its monthly oil and gas lease sale, generating more than $43 million for public schools and other trust land beneficiaries.
New Mexico continues its ascent out of the economic doldrums, with job numbers in October showing the biggest percentage gain in a dozen years.
An obscure New Mexico rule currently prevents natural gas companies from enhancing production in parts of the San Juan Basin, but a proposed update to that rule could generate more than $29 million in new tax revenue.
Two new reports released this week by the New Mexico Department of Workforce Solutions and based on newly produced employment projections demonstrate the importance of energy production for growing jobs in our state.
Our state received $634.9 million, which will fund essential services for New Mexico such as schools, roads, health care, and public safety.
Blocking tax revenue that will benefit all New Mexicans, particularly on a dubious basis like methane emissions (which are declining), is simply inconsistent with the balanced approach that our state takes with respect to energy development.
Energy production in New Mexico is saving money for consumers and small businesses and fueling prosperity statewide.