Oil and Gas Deliver Nearly $1 Billion in More Revenue for New Mexico

December 12, 2024

New Mexico’s state revenue continues to grow thanks to the oil and gas industry. The latest revenue numbers show an additional $892 million for New Mexico’s annual budget this year. The new revenue forecast predicts a budget of around $13.6 billion for the state, representing a nearly 75 percent increase since 2019.

According to the Albuquerque Journal, 

“The state is the second-largest oil producer in the nation — behind only Texas — and oil and gas revenue make up about 35% of the state’s total revenue collections, according to legislative data. In addition, two southeast New Mexico counties — Eddy and Lea — make up one-third of the state’s gross receipts tax revenue, despite making up only about 6.3% of the state’s population.”

Oil and gas dominate state revenues. Yet state politicians, including Governor Michelle Lujan Grisham, tear down the industry any chance they get. Often times favoring foreign clean energy projects.                                                                                                                                                                                           

“Christmas arrives early again thanks to New Mexico’s oil and gas workers, but let’s hope leaders in Santa Fe don’t keep all the presents to themselves again this year,” said Larry Behrens, Communications Leader for Power The Future. “Over the last five years of this boom, Santa Fe politicians have ballooned their own budgets, taken expensive foreign junkets, and partied on the back of the state’s oil and gas producers  – all while supporting policies intended to decimate the industry. This year, New Mexico’s families deserve to directly share in this wealth and our energy workers deserve a long-overdue THANK YOU from Santa Fe.”