The Permian Basin is the hottest oil field in America, and New Mexico’s economy is reaping the benefits.
In 2017, New Mexico oil production hit a record high of 171 million barrels, an increase of 18 percent over what it pumped in 2016. The increased production has catapulted New Mexico into the third largest producing state in the country, behind only Texas and North Dakota.
Annual oil production in New Mexico has more than doubled since 2012, and as a result, state tax revenue is surging. In fact, the state is projected to have a $292 million surplus in the upcoming fiscal year.
In 2017, the oil and gas industry invested more than $13 billion in New Mexico, according to the New Mexico Oil and Gas Association, creating new jobs in places like Eddy and Lea Counties. The average salary in the New Mexico oil and gas industry is over $71,000 per year.