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A record-high crude oil production in New Mexico this year is expected to boost the state’s income for its general fund, leaving it with a $3.5-billion surplus for the fiscal year between July 2024 and June 2025
SANTA FE, N.M. — Record-breaking oil production in New Mexico is likely to provide state government with a new multibillion-dollar surplus during the upcoming budget year.
In New Mexico, oil production has more than doubled over the last half-decade. For the next fiscal year, the state may receive $13 billion in state funding.
News from Grant County, New Mexico
Recurring revenues for fiscal year 2025 are projected to reach a record $13.05 billion, including $3.48 billion in so-called new money.