it's cheaper to just give it away than to shut the plants down and restart them...
Posted on 03/21/2020 7:36:50 PM PDT by brownwill6767
Copyright © 2020 Albuquerque Journal
With oil prices plunging to their lowest level in 22 years, state legislators are projecting an imminent budget crisis that’s likely to force the New Mexico Legislature into special session.
Sen. John Arthur Smith, chairman of the Legislative Finance Committee, said the state could be facing a $1 billion loss in oil- and gas-related revenue if the crisis continues through this year and into 2021.
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In a Thursday letter to legislative leaders, Gov. Michelle Lujan Grisham indicated a special session is inevitable but said state officials need to have updated revenue estimates and a better understanding of federal emergency assistance before such a session is called.
She said the special session would likely focus on adjusting proposed spending levels for the budget year that starts in July, addressing public health needs and crafting an economic relief package for workers, businesses and New Mexico communities.
(Excerpt) Read more at abqjournal.com ...
“Over the past days, my office has been in communication with legislative leadership and staff about the type of tools that might be available to make such a modification possible, and the legalities of these steps,” Lujan Grisham said in her letter.
It’s all fun and games until the tax revenue stops rolling in...
Gas tax will go up for the common folk.
Watch.
The New Mexico government was all pro Green New deal and such. Now we'll see what their solar panels can pay for.
Maybe they should cut back on useless spending.
We are going to $12 oil.
And that is if the O&G industry is lucky.
Useless spending is repair of roads and infrastructure. Critical spending are raises for teachers and more welfare for fatherless children.
How much does NM spend on support of illegals and criminals?
Hey, I burned about a gallon of gas today.
I’m doing my part.
They’ll have to raise the taxes to make up for the loss of taxes.
it's cheaper to just give it away than to shut the plants down and restart them...
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The oil industry has always been boom and bust. No one should think that will ever change.
It won’t be there for long. Moose limbs want market share, not $12 oil. They gotta keep the peoples happy.
A sure thing for CA.
Ever tried to run a business when your product sold for $60 one month and then the next, it was $20?
ABQ and Santa Fe are “sanctuary” cities. A bail reform constitutional amendment passed in 2016 and jails are revolving doors for criminals. However, in the current situation the bleeding hearts want the criminals out of jail because they can’t be housed 6-feet apart. Of course that puts them on the street where they can harm others. But a bright spot is burglaries will be down as homeowners are at home and very likely armed.
How are Ammo and firearm sales doing in State?
I filled up my truck for $1.85 a gallon today. Haven't seen that in years.
Life must suck for you, being a professional victim and all.
This is the reason Texas has worked so hard to diversify our economy. Over-dependence on oil and gas nearly sank the state during the 1980’s.
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