As of 2024, the United States remains the largest crude oil producer in the world, maintaining its top position since 2018. While Texas often steals the spotlight, New Mexico has emerged as a vital player, ranking as the second-largest oil-producing state. This rise has cemented New Mexico’s role in driving U.S. energy production forward.
New Mexico produced an impressive 665.55 million barrels of oil in 2023, accounting for 14.1% of the country’s total crude oil output. In August 2024 alone, the state contributed 64.85 million barrels, showcasing steady production growth.
According to the Independent Petroleum Association of New Mexico (IPANM), “New Mexico is the second-largest domestic oil producer and one of three states that saw an increase in production from 2019 to 2020, despite the reduced demand brought about by the pandemic.” This resilience underscores the state’s ability to adapt and thrive, even in challenging market conditions.
Much of New Mexico’s success stems from its access to the Permian Basin, a geological treasure trove of oil reserves. Advances in drilling technologies, such as horizontal drilling and hydraulic fracturing, have played a significant role in unlocking these resources.
The state’s efforts have not only elevated its oil output but also bolstered its economy. The industry provides over $2.5 billion annually to fund essential public services, including education, infrastructure, and healthcare, while serving as New Mexico’s largest employer.
Despite its reliance on oil, New Mexico has balanced its energy dominance with a focus on broader economic contributions. As IPANM notes, “Despite oil’s historical and economic importance in New Mexico, mining, including oil and natural gas production, accounts for just one-tenth of its GDP.” This duality highlights the need for diversification to ensure long-term economic stability.
New Mexico’s transportation sector, responsible for over 80% of the state’s petroleum consumption, further underscores the importance of its oil industry.
Despite New Mexico being a leader in oil production, far-left New Mexico Democrat leaders passed the “Energy Transition Act,” the state’s Green New Deal, in 2019, aiming to annihilate the industry by the next decade.
Leave it to the left to destroy everything, we are already at the bottom, they want to drive a stake through the heart to make sure we stay there.
Yes that is why the State has 42 billion dollars in the savings account called the Permanent Fund. For some scope 42 billion is 42,000 million yet the State is falling apart.
Sorry to be the bearer of bad news… but your 42,000 million $ in the States Permanent fund is wrong…
Its more like132,000 million.
During some research like in FY 2010 the States PF hit 1.1 trillion back then.
and on a spread sheet that looks like $1,320,000,000,000.00.
10 zeros not including the decimal point… then add 132 in front of them zeros Angus.
and you are correct the State id falling apart…
And we need to remember that MLG and her socialist party aka democrats, ilk want to eliminate this industry wholly in favor of the “Green Energy” alternatives which are so unreliable.
RESOURCE MANAGEMENT…
NM has and has had an abundance of all natural resources. The Dems just can’t keep their hands out of the kick back piggy bank.
Do Better NM!
Like I said Patience. The Calvary is coming. 🇺🇸
Drill, baby, drill! Thank you, President Trump.
New Mexico is Number 2 in oil, but sadly, Number 50 in everything else,
These Democrat politicians that keep the climate cult going are so corrupt, it’s unreal. My friend just had to deal with the California “tsunami “, the games they play and the people they deceive.
Drill Baby Drill!!!!
And they wouldn’t donate to new Republican candidates this past election.