NM earned $3.1B in oil, gas revenue in FY 2019

The Albuquerque Journal ^ | January 16, 2020 | Kevin Robinson-Avila

[CedarDave]

ALBUQUERQUE, N.M. — State revenue from oil and gas activity soared to a record $3.1 billion in fiscal year 2019, up 41% from the $2.2 billion generated the year before, according to the latest annual report from the New Mexico Tax Research Institute.

Industry-generated income accounted for 39% of all general fund revenues, the highest share in recent history.

The Tax Research Institute produces the annual report, released Thursday, under contract with the New Mexico Oil and Gas Association.

NMOGA Executive Director Ryan Flynn said FY 2019 marked the first year that state revenue from oil and gas has ever topped $3 billion.

“We’ve had historical levels of production for three years in a row now, and that’s generating historic levels of state revenue,” Flynn told the Journal.

That, in turn, offers unprecedented opportunities for investments in public education, state infrastructure, and public safety, Flynn added.

Public schools and higher education received $1.36 billion from state oil and gas revenue in FY 2019, up $300 million from FY 2018. That includes almost $1.06 billion for primary and secondary education, and $302 million for state universities, colleges and other higher education institutions, according to the report.

[CedarDave]

Industry-generated income accounted for 39% of all general fund revenues

And with the new legislative session starting next week, the eco-nutters in the legislature are trying to ban fracking, the state environment department is on the hunt for those who release methane from tanks, equipment and flares, and the state oil conservation commission is set to begin issuing severe fines against those who have spills or leaks (New Mexico adopts rule as oil industry touts fiscal impact).

While oil and gas is produced in the southeastern and northwestern areas of the state, the majority of the state's population is in the Rio Grande corridor from Las Cruces north to ABQ and Santa Fe. What the population hears are the enviro-Nazis, helped by their cronies in the press, saying how bad fossil fuels are for the environment, from climate change to pollution of land and water by the evil oil companies. The state oil and gas association (NMOGA) needs to hit the airwaves and press with stories of how industry provides jobs and supports public schools and infrastructure.

[ml/nj]

Earned, or extorted?

ML/NJ

[DesertRhino]

And the democratic government is working as hard as they can to kill fracking and drilling everywhere they can in the state

[CedarDave]

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[DesertRhino]

Also there used to be a rude racist term for people who came into large sums of money and spend it irresponsibly.

This is classic New Mexico. Have a large unusual income from oil and gas, and initiate a whole bunch of new programs rather than pay off their debts, or save for a rainy day

[dhs12345]

Too late for Colorado.

[heavy metal]

they make it up in smoke...

[dhs12345]

Lol. Just told my wife that... better crank up the weed farms.

[Let's Roll]

Local dims run on getting rid of fossil fuels and then trot right out to the microphone to take credit for the revenue generated by those same fossil fuels.

Somehow their low info base never seems to notice this contradiction because as everyone knows - dims are always “for the little guy.”

[JerryBlackwell]

Not earned

[Hojczyk]

There will be no red states in ten years...

Red states need an immigration system to keep democrats from moving there...

[Fightin Whitey]

How politicians manage an oil boom, even ignoring the taxes,laws, lies and commonplace thievery.

Industry-generated income accounted for 39% of all general fund revenues

spendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspendspend

But where did all the money go??

[SuperLuminal]

"That, in turn, offers unprecedented opportunities for investments in public education, state infrastructure, and public safety, Flynn added."

Communist ideology is wonderful... Get surprise billion and call for MORE spending... However, no relief in sight for taxpayers...

These communist scum will be sure to outspend any level of positive income so that, ultimately, more money can be taken via increased taxes from the workers...

The only people who will gain (monetarily) from this unexpected oil & gas income will be the state employees and the communist propagandists who belong to the NEA and proselytize in the government schools...

[TheConservativeTejano]

NM earned $3.1B in oil, gas revenue in FY 2019

Partner, the ignoramus Governor of New Mexico had no idea of where the jobs were in New Mexico.

We hope she will not make it next time around since she can not even find the bathroom.

[Taxman]

So now the eco-FReaks have $3.1 Billion to piss away?

Hope someone is watching the public purse!

[Notthereyet]

“Also there used to be a rude racist term for people who came into large sums of money and spend it irresponsibly.”
________________________________________________________

Cannot believe I’m seriously going to ask...

...would that be ‘white trash?’

_____________________________________________

I never heard that until I lived in Mississippi.

My father’s side of the family.... and believe me, they fit the bill.

It’s actually a state of mind. I’ve known many poor people and they did not have that terrible mindset...

As to other races, I’m not sure at all of any names that would fit the bill except for one... for the black community.

Heard that, too, in Mississippi. When my mom explained it to me and my siblings after we repeated the word it floored us into feeling so ashamed. She didn’t raise her voice or anything...simply said it was the black equivalent of ‘white trash,’ and we cringed.

I’m still shocked so many in the black community knowingly insult each other. Like Stockholm Syndrome, in reverse.

[CedarDave]

Communist ideology is wonderful... Get surprise billion and call for MORE spending... However, no relief in sight for taxpayers...

They did that last time AND raised taxes too, during last years legislative session.

[CedarDave]

The NM governor just called for the legislature to legalize pot!

[dhs12345]

And they don’t see the issue with generating revenue from something that can harm their constituents. Yet they whine about tobacco. Proof that is all political and they really don’t care even though they pretend.