New Mexico’s oil and fuel prices set the best month-to-month report
Land Commissioner Stephanie Garcia Richard said the boon on the proceeds will go to public schools, hospitals and other programs funded through drilling and development on state trust land.
While oil and gas are a driving force for New Mexico’s economy and state budget, the Democratic land commissioner said resources are limited and not a stable long-term budgetary tool for the state. She promised to push for more renewable energy generation, new outdoor recreational opportunities, and the development of commercial business for additional income.
Recent data from the state oil preservation division showed that oil and gas production rose more than 10% year over year last year, although fuel demand fell during the pandemic. In total, the state produced around 370 million barrels of oil in 2020, compared to around 330 million barrels in 2019.
(Copyright 2021 by The Associated Press. All rights reserved.)