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Hitting the brakes
The Albuquerque Journal ^ | 4/8/2020 | Kevin Robinson-Avila /Dan Boyd

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 ...

TOPICS: News/Current Events; US: New Mexico; US: Texas
KEYWORDS: energy; newmexico; oil; opec; trump
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To: VanShuyten


21 posted on 04/09/2020 4:39:09 AM PDT by VTenigma (The Democrat party is the party of the mathematically challenged)
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To: Paladin2

Heh. Yes. Even the aliens won’t crash land here.

22 posted on 04/09/2020 8:33:28 AM PDT by Redcitizen (Nobody needs a 10 round magazine. You need a 30 round magazine.)
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To: brownwill6767; LegendHasIt; leapfrog0202; Santa Fe_Conservative; DesertDreamer; OneWingedShark; ...
New Mexico oil and gas revenues pay upwards of 35 percent of all state income. In January the economists were predicting a billion dollar surplus and the radical left-wing governor and all Dem legislature put their hatred of the industry aside to sign into law BIG increases in money for educators and other lib-favored causes. Shortly after the legislature went home and she signed the bills, the industry crashed and continues to do so. There are almost no other sources in NM for them to tap for income especially because many are shut down now.

BTW, except for the Las Cruces area, most all the covid-19 cases are in the ABQ/SF area and in northwest NM, likely among the Navajos.

NM list PING!

I may not PING for all New Mexico articles. To see New Mexico articles by topic click here: New Mexico Topics

To see NM articles by keyword, click here: New Mexico Keyword

To see the NM Message Page, click here: New Mexico Messages

(The NM list is available on my FR homepage for FR member use; its use in the News Forum should not be for trivial or inconsequential posts. Let me know if you wish to be added or removed from the list.)
(For ABQ Journal articles requiring a subscription, scroll down to the bottom of the page to view the article for free after answering a question or watching a short video commercial.)

23 posted on 04/09/2020 9:33:48 AM PDT by CedarDave (Wash your hands like you just peeled a sack of green chile and need to take out your contact lenses.)
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