October 23, 2020 Read More →

Oil and gas-reliant New Mexico needs to consider future revenue sources

Los Alamos Daily Post:

From the super-computing work at our national labs to the out-of-this-world flights from our spaceport, evidence is abundant that New Mexico can meet current and future challenges with transformative solutions.

Our legislators need to tap into our state’s well of ingenuity and knowledge and figure out how to accelerate the diversification of our economy and state revenue sources. And they need to do it now – while the oil and gas industry is still with us.

The oil and gas industry is in decline – and has been for at least a decade – according to a new economic report from the Institute for Energy Economics and Financial Analysis (IEEFA).

This isn’t the fault of the coronavirus, but the pandemic has helped underscore some of the industry’s problems. The report gives new urgency for New Mexico to chart a new course for a more resilient, diversified economy, a more stable and equitable tax system, and a more prosperous future. 

[James Jimenez and Oriana Sandoval]

More: New IEEFA Report On Decline Of Oil And Gas Industry In New Mexico Should Get Lawmakers’ Attention

Posted in: IEEFA In the News

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