The Associated Press
Created: December 21, 2020 02:44 PM
ALBUQUERQUE, N.M. (AP) — Oil and gas development infused $2.8 billion into New Mexico coffers during the 2020 fiscal year despite a global price war and plummeting demand due to the coronavirus pandemic.
The New Mexico Oil and Gas Association on Monday released a report on the industry's economic impact.
It shows that record production helped push revenues to their second-highest total ever reported.
The industry group says oil and gas revenues accounted for one-third of total state spending.
Much of that went toward education. Federal mineral leasing was the single largest source of oil and gas revenue for the state at more than $800 million.
(Copyright 2020 by The Associated Press. All Rights Reserved.)