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Revenue diversification needed as NM looks to transition away from fossil fuels

As New Mexico looks at an inevitable end to oil and gas extraction, some environmental advocates say no new leases should be issued and the United States should work to phase out fossil fuels. This would not have a huge immediate impact on the state, but could result in less revenue and fewer jobs in ....

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NM oil output at record levels after crash

NM oil output at record levels after crash
abqjournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from abqjournal.com Daily Mail and Mail on Sunday newspapers.

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New Mexico's State Budget Gets Major Boost From Oil and Gas Revenues

New Mexico's State Budget Gets Major Boost From Oil and Gas Revenues
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NM's short-term economic forecast improves over last projections

By Daniel J. Chacón, Santa Fe New Mexican |
February 18, 2021
New Mexico’s financial outlook has improved yet again.
While revenues are still expected to fall in the fiscal year that begins July 1, the drop won’t be as bad as predicted in December.
General fund recurring revenue for the upcoming fiscal year is now estimated to decline by 8.5 percent, an improvement over the 10.9 percent drop forecast just two months ago, according to updated revenue projections presented Wednesday to the Senate Finance Committee.
“The [fiscal year 2022] general fund recurring revenue is forecasted to grow by 4.9 percent compared to [fiscal year 2021], so the good news is … that there’s $339 million of new money,” Debbie Romero, acting secretary of the state Department of Finance and Administration, told the committee. “That is up from the $160 million that we talked to you about in December.” ....

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NM impact of federal climate change orders scrutinized

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Recent orders by President Joe Biden’s administration have been met by a mixed reaction in New Mexico, which relies heavily on revenue generated by the oil and natural gas industries. A drilling rig south of Carlsbad is shown in this 2019 file photo. (Eddie Moore/Journal)
SANTA FE Climate change orders issued by President Joe Biden’s administration could have a significant impact on New Mexico revenue levels in coming years but are unlikely to affect the state’s short term cash flow, state officials and economists said Tuesday.
In part, that’s because more than 6,000 oil drilling permits have been acquired by operators primarily in southeast New Mexico but not yet utilized. ....

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