Upcoming federal lease sales put the trick in “trick or treat”
The fact is the entire federal leasing system is dramatically outdated and in need of wholesale reform. Look no further than BLM’s New Mexico sale in August to see why someone with no experience in oil and gas development – was able to snatch up a third of the leases offered for next to nothing.
New Mexico’s oil and gas collapse could last years amid calls for economic diversification
Carlsbad Current Argus--Economic analysts warned that New Mexico could be unable to rely on its oil and gas industry as the market continues to struggle amid the COVID-19 pandemic. Lease fees, royalty payment and taxes from oil and gas operations accounted for about 30 percent of the state’s budget in recent years, per a recent study from the Institute for Energy Economics (IEEFA) and Financial Analysis.
New report on decline of oil and gas industry should get lawmakers’ attention
Grant County Beat--The oil and gas industry is in decline – and has been for at least a decade – according to a new economic report from the Institute for Energy Economics and Financial Analysis (IEEFA). This isn't the fault of the coronavirus, but the pandemic has helped underscore some of the industry's problems.
Report Shows Oil and Gas Industry in Decline in New Mexico
“Once again low oil and gas prices are causing shortfalls in dollars needed in the state budget for our schools, public safety, health care, and more. The IEEFA report released today makes it clear that we cannot simply blame COVID-19 for our revenue shortfall and expect New Mexico to recover when the pandemic subsides."
Top 10 signs New Mexico’s oil and gas industry won’t save our state budget
Fact Sheet New Mexico's oil and gas industry is hurting -- and it's not just because of the COVID-19 pandemic. Overproduction and changes in the marketplace have set the industry on a financial decline that began a decade ago. (State-level data on changes to oil and gas production)
124,000 New Mexicans could miss out on federal stimulus payments
Fact Sheet The stimulus checks that went out as part of the federal COVID-19 relief can have a positive impact on the lives of individuals and families most impacted by the pandemic, providing money to help them pay bills, cover necessary expenses, and pay for the things they need most right now. The money would also give state and local economies a much-needed boost.