SANTA FE ― Newly released data from the United States Energy Information Administration shows that oil production in New Mexico booming, propelling the state up to the 3rd-largest oil producer in the United States in September and October, passing Oklahoma and California and trailing only Texas and North Dakota.
EIA data also shows New Mexico hitting a record-high in monthly oil production, producing 16,367,000 barrels of oil with New Mexico on pace to set an annual oil production record in 2017.
“Strong oil and gas production equals a strong New Mexico, providing more critical funding for our schools and state budget, and creating more jobs to grow our economy,” said Executive Director Ryan Flynn of the New Mexico Oil and Gas Association. “We are turning an economic corner because of a surge of activity and investment in the Permian Basin and New Mexico’s attractive and balanced business environment. All New Mexicans benefit from a strengthened economy anchored by oil and natural gas, and can expect these trends to hold up for the foreseeable future as market prices continue to steady and if New Mexico remains a favorable place for oil and gas producers to do business.”
Last month, state economists told lawmakers and the Legislative Finance Committee that the state was on track to see $199 million in “new” money available for the upcoming fiscal year, with The Albuquerque Journal reporting, “a steady uptick in New Mexico oil production and income tax collections have been the driving forces behind the state’s improving revenue picture.” Earlier this year, the federal Bureau of Economic Analysis ranked New Mexico’s GDP among the fastest growing in the nation for the first and second quarters of 2017, and cited New Mexico’s improving oil and gas sector as a key factor.
Data and rankings are compiled and produced by the United State Energy Information Administration, an independent statistics and analysis agency within the United States Department of Energy.
The oil and natural gas industry is New Mexico’s top economic driver, responsible for more than 100,000 New Mexico jobs and accounting for $1.6 Billion in tax revenue for schools, health care, and public safety. Based in Santa Fe, New Mexico, the New Mexico Oil and Gas Association (NMOGA) represents the hard-working men, women, and families of the oil and natural gas industry in New Mexico. NMOGA is dedicated to promoting safe and responsible energy policies, while strengthening New Mexico’s economy and ensuring a bright future for our state’s children.