Published: 12:29 pm, Sun. Jun. 10th, 2018Updated: 12:28 pm
A legislative economist says projected growth in the production of oil and natural gas in southeast New Mexico will continue to drive up revenues for the state.
Economist Dawn Iglesias presented the revenue outlook to members of the state Finance Legislative Committee at a meeting Monday in Carlsbad.
Iglesias says the U.S. could produce up to 11.9 million barrels of crude oil per day by next year with much of it coming from Texas and New Mexico. She says the state’s bottom line could see a boost if the projected $65 per barrel price holds.
Iglesias says the industry contributed $1.7 billion in direct revenue to the state in the last fiscal year. She says the boom also leads to positive effects on other industries.