Oil production up in New Mexico, boosting revenue

Associated Press Published: August 23, 2012
Advertisement
;

SANTA FE, N.M. (AP) — State officials say oil production in New Mexico rose by 13 percent last year, but natural gas production declined.

Top budget and tax officials in Gov. Susana Martinez's administration told the Legislative Finance Committee on Wednesday in Angel Fire that oil production reached 78 million barrels in the fiscal year ending in June. Economists expect production to gradually grow to about 86 million barrels in the next few years.

Higher oil prices have spurred production and are providing a revenue boost to the state.

Taxes and royalties from energy production are expected to account for 16 percent of the state's total revenue this year.

Lawmakers were told that gas production fell by about 1 percent last year and that prices remain low mainly because of increased natural gas supplies nationwide.



Trending Now


AROUND THE WEB

  1. 1
    Report: Caron Butler close to two-year deal with Detroit Pistons
  2. 2
    It’s harder to be a poor student in the U.S. than in Russia
  3. 3
    Man fatally stabbed in west Tulsa early Sunday
  4. 4
    How brain imaging can be used to predict the stock market
  5. 5
    Bridenstine tours Fort Sill, satisfied with facility's transparency
+ show more