New Mexico’s far-left legislative majorities in the legislature and two-term stronghold on the governorship have achieved extreme policies thanks to the billions garnered from the oil and gas boom.
The Legislative Finance Committee (LFC) released a July 21 report showing revenue at $8.99 billion through March for Fiscal Year 2023, running from July 1, 2022, to June 30, 2023. That figure is up $1.9 billion or 27 percent.
However, the IHS Markit and Moody’s Investors Service reports show a projected decline in oil and gas production after peaks between 2028-2033.
“This could mean the start of a decline in New Mexico’s now-booming oil and gas production, dropping from a forecast 2 million bopd in 2030 to as low as about 500,000 bopd by 2050, according to the presentation,” reported the Carlsbad Current-Argus.
New Mexico’s Chief Economist Leo Delgado said, “You can see New Mexico is currently on the upslope of that oil production trendline with production expected to increase in the next couple of years,” adding, “You see that it’s on the upslope, but it does start to plateau in the early 2030s before it starts to gradually decline.”
He noted that New Mexico’s wells are “highly-productive” in “the first few months of operations, but taper off quicky, meaning more wells must be drilled and put into service,” the report noted.
“New Mexico has some very productive wells, very high-yield wells, very conducive well economics, low break-even points,” he said. “In order to maintain those levels of production, that activity must continue.”
“The expectation is production will slow. It will be at a much slower pace and that’s where we start to see New Mexico production still at elevated levels but at a declining rate year over year when we look at the long-term,” he continued, according to the Current-Argus.
With anti-energy Democrats currently in charge of the state, their eco-left, job-killing policies cause the projected decline and thus their cash cow for high-ticket investments, including taxpayer-funded “free” college and “universal” free daycare.
We must vote the loony lefties out.
Loony lefties
Loony lefties!! I call them MORONS!!
I hope we can, because seems like they keep getting voted in. The oppressed always votes in their oppressors. Why? Guess those who vote for them think they will get “free” stuff. Bunch of fools.
It’s a stockholm syndrome situation. Captive and kept frightened of freedom.
Because they’re cheating to get voted in just like O’Biden.
I’ve never understood why New Mexicans continue to vote democrats, election after election. They vote for the very people destroying our state….will NM ever wakeup and finally throw every corrupt dem out of office for good???
I agree, the democrats are turning Communists.
I pray and hope they do, it’s time!
Because they cater to the unemployed not want to work bigger population of Albuquerque and Santa Fe. Unfortunately, many celebrities and people educated beyond their intelligence reside there too. It is controlled by elite big money and the no money crowd. The new redrawn districts stripped the SE corner of NM.
No, they won’t. You are truly dealing with a low education population mostly comprised of “hispanic” descent (approx 49% of the state). The poverty and welfare in this state is what keeps them returning to the trough every election, voting for more “slop” from our “leaders”. NM is last in education (https://www.usnews.com/news/best-states/rankings/education?sort=rank-desc). NM is 1st in federal government reliance (https://www.moneygeek.com/living/states-most-reliant-federal-government/), so as long as we taxpayers keep paying the IRS, we will keep supplementing our own citizens and those same “voters” will be markin’ that “D” box (or name recognition…ie, Lujan) time and time again, esp in RA county. We all know the definition of insanity and we all know you cannot fix stupid either!
It’ll never happen. There are twice as many registered democrat voters as there are registered Republicans. It doesn’t do any good to talk to most of them. They see that “D” and that makes their decision. What’s funny is that NM is a fairly conservative state but they’ll vote democrat every time.
The Dems’ mission is to kill the goose that lays the golden egg—the oil and gas industry.
Drill, baby, drill!
So, where will the money come from to bankroll far left projects?
That’s assuming that Dems will still be in a position of power then.
Does NM vote democrat every time?
It’s hard to say without election integrity.
Without election integrity -no one- has a voice, “dis-advantaged” or not.
Gerrymandering and manipulating election results- NM classics. How many dead people vote every election? Or is that just an old trick? Now, they just change a few values in a spreadsheet and – voila, D wins again.
Ask ur democrat friends if they are conservative, they will say no, ask them if we need bigger gov, is it ok to cut the sex orgasm off of there kids without there permission, is it ok if NM forces u to buy an electric u cannot afford, my guess they will give u a conservative answer for all. Then tell them
They really r conservatives and to quit voting down the line democrat, our state,our nation will fail if we do not go right. Notice it did not say republican but the republicans are closer to right than the left is.
Because they cater to the unemployed the not want to work bigger population of Albuquerque and Santa Fe. Unfortunately, many celebrities and people educated beyond their intelligence reside there too. It is controlled by elite big money and the no money crowd. The new redrawn districts stripped the SE corner of NM.