More than 40% of New Mexico’s income relies on oil and gas, leaving the state vulnerable to the industry’s boom and bust cycle.

by Jerry Redfern, Capital and Main
Jan. 6, 2020

Later this month, New Mexico lawmakers will have another chance to fix an economic problem that has plagued the state for decades.

“For at least 40 years people in the state government and the Legislature have known that they are overly dependent on oil and gas for state revenue,” says Jim Peach, regents professor of economics at New Mexico State University.

Right now, more than 40% of the state’s income relies on the boom-and-bust fortunes of oil and gas. Now, according to a trio of New Mexico’s leading economists, the time has come to change course.

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