Posted on 04/08/2020 7:05:59 PM PDT by brownwill6767
New Mexico’s oil and gas industry is teetering on a near-shutdown, slammed by plunging demand for oil and an unprecedented global market glut that’s slashed prices to 20-year lows.
New drilling in the Permian Basin in southeastern New Mexico is screeching to a halt, and many producers are starting to shut in existing wells to await better times. That, in turn, foreshadows a double whammy on the state budget, as government revenue tumbles from plummeting oil prices and forthcoming production declines.
(Excerpt) Read more at abqjournal.com ...
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Although unemployment data is not yet available, State Rep. Larry Scott, R-Hobbs, said companies are slashing their payrolls.
“We’re seeing layoffs, salary reductions and equipment moving back to storage yards,” said Scott, a longtime oilman and owner of Lynx Petroleum in Hobbs. “I know of several companies that have announced substantial layoffs of 80 to 100 workers.”
At least the leftists in NM are down with drilling unlike POTUS wannabe Cuomo in NYS.
The biggest problem you have in New Mexico is that poltroon governor.
Maybe a short term pain, but the Rats want to shut it down forever.
Let me guess. The Dims in NM have already spent the money they were going to get from their gas and oil taxes.
It still seems to be blowing and going here in Texas. Everybody is working because they are deemed to be “essential.”
Poltroon: An ignoble or total coward; a dastard; a mean-spirited wretch.
Luhan Grisham is the worst, and fits the above definition perfectly. Now she’s closed our liquor stores - the bitch.
I’ve been laying low here in Santa Fe, but now I guess I’ll go back to my place in Houston, where at least I can get my big poodles groomed! And buy some Maker’s 46 FFS.
Back to putting up Billboards for Stuckey’s and “The Thing!”
!!!!!!!
Exactly. And you know the solution; it sure as Hell isn’t cutting spending. Its raising taxes on “millionaires” to pay their “fair share” to drive the NM economy further into the toilet.
LOL! Love “The THING!” (What is it??? It’s a Wonder! Mystery of the Desert! Exit 226 Ahead)
Is Stuckey’s even around anymore?
Wikipedia says Stuckey’s have ~115 locations around southern US.
Land of enchantment ping.
You know it. I can’t even go to the outdoor range.
“At least the leftists in NM are down with drilling unlike POTUS wannabe Cuomo in NYS”
Only as long as they can milk it to death.
Though, I think the slump in oil prices is hitting their pocket book really hard, so they may soon have a come to Jesus moment.
Thanks for the posted link.
The ‘Rats are [again] screwed by finances.
Bummer.
Now Lack of Enchantment?
If the Republicans/conservatives don’t go on the warpath and organize now against Grisham, her State’s AG and leftist congressthings, then they are useless.
Now is the time to take them out in November and any other election in the near future. Blame them for the spread of the Coronavirus, for the collapse of the oil industry (ie. Russia versus the Saudis and the Russians having to pay for their aggression in Ukraine and Syria).
Take no prisoners. Run great, fearless, big-balled candidates (men and women, I don’t discriminate). Make the Democrats pay, in spades.
The governor tried to shutdown drilling 2 years ago. Now she gets a taste of life without the revenue. They’ll be screaming shortly.
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