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.
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.
“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."
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)
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.
Presentation Created for the NM Public Health Association's annual conference, this presentation looks at the intersection of state tax and budget policies with social determinants of health. It gives examples of evidence-based policy solutions that promote racial justice and some tips on how to participate in policy and budget decisions that improve outcomes for kids. (State-level data on some impacts of the COVID-19 pandemic)
The article’s revelations are at once shocking and not surprising, with lobbyists who have spent years fighting against regulations to reduce methane waste and pollution admitting the problem is real. And if you suspected the industry is more concerned about its image than protecting your health, you’re right. Its answer to out-of-control methane emissions? More image polishing and public relations advertising.
"Senator Bennet’s two bills are a good step towards holding oil and gas companies accountable for pollution created during the extraction of oil and gas. They will also make sure we don’t find ourselves in this situation again."
“While it’s always great to see improvement, we know that the COVID-19 pandemic has likely wiped these gains away for many New Mexicans. We know that the pandemic hasn’t hit every New Mexican in the same way.”
“We know that going into the pandemic, low-income children in our state and the children of color in our state were facing bigger challenges than many of their peers,” Wallin said. “What we see is that those challenges have been exacerbated, that COVID has really increased racial and ethnic disparities and disparities along income lines."