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New Mexico’s fossil fuel market finished 2020 in recovery from the COVID-19 pandemic and historic losses in the value of oil and gas and production levels throughout the state.
After April’s market crash to as low as -$40 per barrel, the lowest price in history, and a dramatic drop in New Mexico’s rig count by more than 60 percent in the months after the pandemic struck the state in March, the late fall and early winter saw some slight rebound.
But the market was still far off from the record-setting, pre-pandemic growth.
More: New Mexico oil and gas industry condemns Deb Haaland nomination as secretary of interior