New Mexico’s Energy Industry Delivers Billions (Again)

June 12, 2024

According to a new report from the bipartisan Legislative Finance Committee, New Mexico’s oil and gas workers delivered $15.2 billion in revenue during the last fiscal year. Analysts also reported the oil and gas industry is expected to deliver gains for nearly a decade.  Oil and gas revenue make up 35 percent of the state’s general fund and 37 percent of taxable property which goes to local governments.

The Albuquerque Journal reports,

“A new presentation from the Legislative Finance Committee reported a revenue of $15.2 billion from the extractive industry to New Mexico in fiscal year 2023. A flow chart from the LFC breaks down exactly where the money is coming from — land income and taxes — and where it’s going — to state funds and local and federal governments. Oil and gas revenue to New Mexico has more than quadrupled over the past five years, according to the LFC.”

Unfortunately, despite the billions of dollars in revenue the oil and gas industry brings to the state, prominent politicians continue to try and destroy fossil fuels.

“I recognize the desire by some to question this point, but the facts leave no room for debate and the transition is well underway.” – Senator Martin Heinrich

“We need to transition out of fossil fuels.” – Governor Michelle Lujan Grisham

Power The Future Communications Director Larry Behrens calls out these politicians for wanting to destroy the industry,

“This massive revenue boost is amazing, but what is really startling is how it is accomplished despite the fact New Mexico has politicians in Washington and Santa Fe who want to destroy this industry. It’s despicable to see people running for office crying that we need to transition from this industry while they will be first in line for these revenue checks.”