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New Mexico is short about $8 billion in financing from oil and gas companies to fund the cost of closing and cleaning up wells throughout the state. A study released Thursday conducted by the Center for Applied Research and commissioned by the New Mexico State Land Office reported the discrepancy created a liability for state taxpayers and limited the ability of regulators to ensure adequate clean up is conducted when oil and gas wells are no longer used. The State has about $201 million in financial assurances, the report read, paid through bonding by operators when wells are drilled and used if they go bankrupt or abandon a well.

New mexicoUnited statesEddy countyJames jimenezStephanie garcia richardRobert mcentyreGarcia richardGas associationMexico state land officeMexico oilLand officeApplied researchNew mexico state land officeState trustChad linseState land office