The fact is the entire federal leasing system is dramatically outdated and in need of wholesale reform.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.
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.
KRWG--The COVID-19 pandemic is squeezing New Mexico’s already tight state budget, as vital tax revenue drops during the recession. At the same time, oil and gas companies in New Mexico and across the West are filing for bankruptcy, leaving behind orphaned wells and leaving New Mexicans with the unpaid bill for cleaning them up.
Over the past few months, the resiliency and strength of communities all across New Mexico have been in full view as people come together to support each other through the COVID-19 pandemic. Still, the pandemic has caused disproportionate harm to communities of color, worsening disparities in health and economic well-being. Just as public policies entrenched systemic racism, they can be used to dismantle it.
During this public health emergency, New Mexico needs to do all it can to shore up essential services, take care of frontline workers, and extend a hand to New Mexicans who are sick, unable to work, or struggling to provide for their families. But falling tax revenue has put at risk New Mexico’s ability to protect our communities. While the path forward won’t be easy, lawmakers can steer us toward an equitable recovery by putting families first.
Albuquerque Journal--Each year in New Mexico, oil and gas companies waste hundreds of millions of dollars’ worth of natural gas through venting, flaring and leaks, all of which worsens air pollution and costs the state more than $43 million in royalty and tax revenue. That is enough revenue to increase pre-K enrollment by 80% and offer more than 7,000 additional New Mexico kids access to quality early childhood education.
Las Cruces Sun-News--Some of the money that supports New Mexico’s education system comes from royalties and rental payments paid by the oil and natural gas industries. Because we understand how fortunate we are to have those natural resources, we tend to forget our responsibility to be the very best stewards of them that we can be.
Deming Headlight--Public lands belong to all of us, which means every New Mexican should be reaping the benefits. Yet, oil and gas companies continue to enjoy sweetheart deals for drilling on our public lands, as exemplified by this week’s lease sale. We urge Congress to take action and update the federal government’s fiscal policies for public lands drilling; our children’s futures depend upon it.
New Mexico Kids!--In all, the tax package that was passed last year was a win for New Mexico families with children. It also protected revenue that we need for our classrooms, road repairs, and health care while still giving working families a much-needed break. There is still work to be done in 2020 to make the tax system fairer, but 2019 was a great start.
New Mexico’s kids are getting short changed when it comes to funding for education and other important services. This gif-splainer breaks down why New Mexico is losing out on billions it could be using for an education moon shot.