New Mexico land generating more than $1 billion
July 10, 2019 06:46 PM
ALBUQUERQUE, N.M.- The New Mexico State Land Office announced Wednesday that it expects to bring in more than $1 billion this fiscal year.
“The bulk of this money comes from the boom that we're experiencing now in the oil and gas industry here in New Mexico,” said State Land Commissioner Stephanie Garcia Richard. “Another record-breaking amount comes from our renewable energy leases.”
Garcia Richard said the state experienced a 36% increase in money from the oil and gas industry.
There was also a 400% increase in money from wind energy and a 1,300% increase from solar energy.
“The way that's done is just to have our staff go out and recruit developers, talk about our land that's available, that is prime for wind development, solar development and that kind of thing,” Garcia Richard said.
The money being generated will benefit New Mexicans, according to Garcia Richard.
“This means is that New Mexico's taxpaying families will save about $1,500 per year, per family,” she said.
Garcia Richard wants to work to diversify the state’s revenue sources.
“We have a pretty aggressive push to do outdoor recreation, ecotourism on state trust land,” she said. “We're looking at hemp production on state trust land.”
Updated: July 10, 2019 06:46 PM
Created: July 10, 2019 05:37 PM
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