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Oil and gas industry faces huge loss
Albuquerque Journal ^ | 3/19/20 | Kevin Robinson-Avila /Dan Boyd

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 ...


TOPICS: Business/Economy; News/Current Events; US: New Mexico
KEYWORDS: energy; naturalgas; newmexico; oil; opec; trump
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To: ConservativeInPA

President Trump filled up the strategic oil reserve at a low price for oil. Helps to take oil off the market and fill our reserves. Obarky sold off oil from our reserves to raise cash to pay for votes.

Shows who is loyal to our country and who is loyal to themself.


41 posted on 03/21/2020 9:30:25 PM PDT by Texas resident (Democrats=Enemy of People of The United States of America)
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To: brownwill6767

One rural legislator suggested balancing the budget.
He was promptly dragged out to the mesa and staked to an ant hill.


42 posted on 03/21/2020 10:33:42 PM PDT by TigersEye (MAGA - 16 more years! - KAG)
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To: Paladin2

Talked to a friend in ABQ yesterday. Gun shop parking lots full, cars parking all down the street, people buying anything they can get no matter what it is as long as it’s a gun. Ammo flying off the shelves too.


43 posted on 03/21/2020 10:38:07 PM PDT by TigersEye (MAGA - 16 more years! - KAG)
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To: TigersEye

Thanks.

Sounds totally crazy, but it has been 11 years since the Won was anointed. A half a generation is stepping up...


44 posted on 03/21/2020 10:41:37 PM PDT by Paladin2
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To: Paladin2

That’s true, a lot of young’uns turned adult since then.
I have a feeling there a good number of “never owned and never wanted to own a gun” buyers in this surge. The press has managed to really panic the sheeple.

In the short term that may mean a surge in armed idjits out there. In the long term it ought to mean some new fans of the 2nd A. and a bunch of guns on the market cheap from those who flake out on owning one.


45 posted on 03/21/2020 10:48:30 PM PDT by TigersEye (MAGA - 16 more years! - KAG)
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To: crusty old prospector

No, I’ve never been in the oil business. But that’s how the business is and always will be.


46 posted on 03/21/2020 11:46:35 PM PDT by nickcarraway
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To: crusty old prospector

Don’t complain about it being $20/barrel, if you aren’t going to complain when it’s $140/barrel.


47 posted on 03/21/2020 11:47:40 PM PDT by nickcarraway
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To: brownwill6767

Our dear NM govenor couldn’t find her a** with both
hands. A special session will only yield a more
progressive agenda. Ddemocrats are blue for a
reason. One can hold their breath for only so long.


48 posted on 03/22/2020 1:29:18 AM PDT by Lean-Right (Eat More Moose)
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To: CedarDave

Probably, but I haven’t been in town for a bit.


49 posted on 03/22/2020 5:30:20 AM PDT by Tijeras_Slim
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To: brownwill6767

We need to put on a floating tariff on crude oil IMPORTS keep the price at a stable $50/bbl. This will keep the domestic producers, producing. It will also raise a huge amount of federal revenue to assuage the deficit hawks.


50 posted on 03/22/2020 5:33:41 AM PDT by central_va (I won't be reconstructed and I do not give a damn....)
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To: right way right

No gas tax!!1 We need a tariff on OIL IMPORTS.


51 posted on 03/22/2020 5:34:10 AM PDT by central_va (I won't be reconstructed and I do not give a damn....)
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To: central_va

The rest of the world doesn’t use our oil. It would simply drive the price lower.


52 posted on 03/22/2020 5:34:45 AM PDT by Vermont Lt
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To: Vermont Lt
The rest of the world doesn’t use our oil. It would simply drive the price lower.M

My God you are so stupid. A tariff on oil imports ( we import 6 million bbls/day ) will keep the domestic price at $50/bbls. This will keep domestic oil production in the black and profitable. You do not understand macro economics. What a pity..

53 posted on 03/22/2020 5:39:03 AM PDT by central_va (I won't be reconstructed and I do not give a damn....)
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To: nickcarraway

Who would complain about $140 oil? That means the economy is vibrant and people and factories are fully employed.


54 posted on 03/22/2020 6:34:29 AM PDT by crusty old prospector
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To: Revel
That is what will happen. As the severance tax goes down the gas tax at the pump will go up.

Shouldn't be a problem for anyone except the oil producers.

And as their product will stay in the ground it will become more valuable when the middle east goes dry.

55 posted on 03/29/2020 10:20:53 AM PDT by oldbrowser (The government did not create the people. The people created the government)
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