Some Good News: Very Cautious Optimism in New Mexico’s Oil Industry

May 14, 2020

The unprecedented obstacles standing in the way of a healthy energy industry are still very real. Yet, there are the smallest glimmers of hope appearing in New Mexico’s oil country.

The Carlsbad Current-Argus is out with this story detailing how storage levels of crude are beginning to draw down ever-so-slightly at key points in the country. This is the first critical step to getting closer to normal production demand. The same article also points out a very small rig count that is bucking the national trend. Since May 1, New Mexico’s rig count is actually up by two.

Are these reasons to fully celebrate? Of course not, there’s a long road ahead. Demand is still nowhere near its pre-pandemic levels. However, as more and more states safely reopen their economies, New Mexico’s energy workers will continue to stand ready to fuel an inevitable recovery. It’s not a matter of if, but when.

It is our hope that energy demand returns to normal sooner rather than later, because it’s clear the eco-left won’t help New Mexico out of this crisis.