Oil and gas activity in New Mexico has surged in recent years, and the latest U.S. EIA monthly numbers demonstrate this remarkable growth. In the past year, no state has seen a larger percentage increase in oil production than the Land of Enchantment, which in turn is generating record tax revenue.
In July of this year, New Mexico was producing 669,000 barrels of oil per day, up from the June 2018 total of 656,000 barrels per day. But since last July, New Mexico’s oil production increased nearly 50 percent year over year.
In fact, New Mexico had the largest year over year percentage increase of any state, and no other state even came close. These production increases have been made possible by a variety of factors, including an increase of active rigs the state. New Mexico currently has 104 active drilling rigs, up from 62 rigs in 2017.
Thanks to its prolific geology, New Mexico is now the third-largest oil producing state in the country.
Continued production increases will benefit the entire state. A recent forecast shows an additional $1.2 billion in state revenue this year, driven by energy, which means additional funding for public schools across New Mexico. Production increases also mean more jobs, at a time when state unemployment remains stubbornly high.