Study: New Mexico's oil and gas collapse could last years
October 25, 2020
CARLSBAD, N.M. (AP) — Economic analysts are warning that New Mexico could be unable to rely on its oil and gas industry as the market continues to struggle amid the COVID-19 pandemic.
Lease fees, royalty payment and taxes from oil and gas operations accounted for about 30% of the state's budget in recent years, according to a study from the Institute for Energy Economics and Financial Analysis. The research also found that the industry provided about a quarter of the state's operations budget last year.
But with the price per barrel of oil declining, the study suggests the financial suppo...