New Mexico’s Oil Boom Is Under Threat

Oilprice.com ^ | 27-08-2019 | Irina

[bananaman22]

New Mexico is home to part of the Permian play, the star of the shale industry and the place where oil production is growing at the fastest pace in the country. It is also the state whose new governor has one of the most ambitious emissions plans in the U.S.

Governor Michelle Lujan Grisham took office with two climate-friendly pledges: to make New Mexico’s electricity emission-free by 2045, and to curb methane emissions from the oil and gas industry more substantially than they are being limited now.

However, the oil industry is one of the biggest revenue contributors to the state, and it’s a major job creator. Bloomberg’s Rachel Adams-Heard reports that people whose businesses depend on customers from the Permian are strongly opposed to any tighter methane regulations for fear their customers would go across the state border to Texas, where regulations are laxer.

[CedarDave]

NM list PING!

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[CedarDave]

For those not on the PING list, see this recent revenue article just posted by me. (BTW, the article points out that 40 percent of NM revenues come from the oil and natural gas industry):

NM revenue levels booming to all-time high (But Dems still raised taxes)