Oil and gas production on New Mexico’s state public land generated a record-breaking amount of revenue last month, per official figures released Tuesday by the New Mexico State Land Office.
April 2021 netted $109 million in royalties from oil and gas production on State Trust Land, the highest in the Office’s history, per a news release.
The second- and third-highest months were both last year with $108.9 million in February 2020 and $106.3 million in April of that year.
Dollars generated from royalties paid to the State Land Office by operators were deposited into the State’s Land Grant Permanent Fund to provide funding to New Mexico’s public schools, hospitals and universities, the release read.
New Mexico proposes more rules to curb oil and gas emissions Follow Us
Question of the Day
By SUSAN MONTOYA BRYAN - Associated Press - Thursday, May 6, 2021
ALBUQUERQUE, N.M. (AP) - Oilfield equipment that emits smog-causing pollution would be targeted by New Mexico environmental regulators under a proposed rule made public Thursday by the state Environment Department.
The release of the proposal marks the next step in a process that started nearly two years ago as Gov. Michelle Lujan Grisham and other top Democrats in the state announced their intentions to curb emissions across the oil and natural gas sector. The state created a working group made up of industry, environmentalists and other experts to help in crafting the regulations.
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When President Biden came into office, one of his first agenda items was implementing a moratorium on new oil and gas leases on federal lands and waters through executive order. The impact of the president’s action is widespread across several states, one of the hardest hit being right here in New Mexico.
An unintended adverse impact of the leasing ban will be its effect on 134,000 good-paying jobs and tax revenue for education in New Mexico. As president & CEO of the Albuquerque Hispano Chamber of Commerce (Hispano Chamber), I find this particularly concerning as oil and gas has provided our state a notable $1.37 billion for education, accounting for over one-third of New Mexico’s education budget. This money goes toward our teachers’ salaries, curriculum development and workforce benefits. The Hispano Chamber believes adequate funding for New Mexico’s schools is critical, especially
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As a teacher, I appreciate every cent that goes to support our students. And since oil and gas currently accounts for a major portion of revenues for our education budget, I thank the workers in the oil patch who make that possible. So why do I cringe at advertisements from the New Mexico Oil and Gas Association promoting the industry as the savior for our state?
Here’s why: “Like it or not, we’re at the tail end of the fossil fuel age,” said Jim Peach, professor of economics at New Mexico State University.
Our state’s addiction to oil and gas to fund our education means it is subject to boom and bust cycles. And the big bust on our horizon will be even more painful to our schoolchildren and the quality of our education if we don’t diversity our revenue streams. We need more than studies on “transition.” We need our state policymakers to embrace the moment offered by President
Emails Show Oil Lobby Mobilized Democratic Governors Opposition To Biden Energy Order
The effort included helping draft a letter in which Louisiana Gov. John Bel Edwards (D) pushed back against the administration s pause on new oil and gas leasing.
Fossil fuel trade groups in Louisiana and New Mexico rallied Democratic governors in opposition to President Joe Biden’s executive order pausing new oil and gas leasing on federal lands and in offshore waters, newly released emails show.
The Biden administration paused new leases on Jan. 27 and launched a major review of the federal oil and gas leasing program. Interior Department officials have said the program currently is “not serving the American public well.”