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Permian Basin oil industry sets record

KOB.com Web Staff
December 28, 2017 07:00 PM

ALBUQUERQUE, N.M. -- It was a record-setting year for the oil industry in the Permian Basin in southeastern New Mexico and west Texas.

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Albuquerque Business First reports 815 million barrels of oil were produced in the basin this year. That's beats out the record of 790 million barrels set back in 1973.

The number of rigs on the New Mexico side also increase by 25 percent this year.

Tax revenue is also up in New Mexico, which is good news for the state's Legislature. The Santa Fe New Mexican reports state Sen. John Arthur Smith wants to use the extra money to give state employees a pay raise.

Smith said the priority would be corrections department officers. He said that will allow the state to attract more candidates to fill open positions and reduce overtime.

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KOB.com Web Staff

Copyright 2017 KOB-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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