Updated: December 09, 2019 05:11 PM
Created: December 09, 2019 04:32 PM
ALBUQUERQUE, N.M.- Revenue forecasts for oil and gas revenue in New Mexico are down.
The numbers were presented to the Legislative Finance Committee Monday.
Revenue estimates for fiscal year 2021 dropped by $109 million, and reduced the outlook for fiscal year 2022 by $319 million.
However, even with the lowered projections, New Mexico legislators are told there is still $797 million of "new money" coming in.
People who work in New Mexico's oil and gas industry aren’t too worried about the forecasts.
“I'd use Tom Brady as an example. If Tom Brady is on pace for single-season record for passing yards and you're forecasting that he's going exceed it by 1,000 yards but he really own tops it by 500, he's still set a new record," said Robert McEntyre, spokesman for the New Mexico Oil and Gas Association.
McEntyre believes that the oil and gas industry will continue to be the economic foundation for the foreseeable future.
However, some legislators are less certain.
“We're creating our own disaster now again,” said New Mexico Sen. John Sapien. “We increased our spending by $700 million, and now I know that there's calls across the board to spend the money again."
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