New Mexico moves up in oil and gas rankings | KOB 4
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New Mexico moves up in oil and gas rankings

By SUSAN MONTOYA BRYAN
January 03, 2018 05:14 PM

ALBUQUERQUE, N.M. (AP) - Thanks to more barrels of oil being pumped monthly from the Permian Basin, New Mexico is among the nation's top producing states.

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Industry officials in New Mexico are celebrating the latest figures released by the U.S. Energy Information Agency, saying billions of dollars of investment by energy companies in the state is paying off as production is reaching record highs.

The figures show monthly production hitting more than 16.3 million barrels of oil in New Mexico in late 2017, and experts say the state is on pace to set an annual record for the year.

New Mexico Oil and Gas Association director Ryan Flynn said the production boom will provide more revenue for the state, easing pressure on lawmakers as they set spending priorities for education and other government programs during the upcoming legislative session.

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By SUSAN MONTOYA BRYAN

Copyright 2018 The Associated Press. All rights reserved.

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