Oil and Gas ‘the future’ of Carlsbad and New Mexico
Oil and gas rose to prominence in New Mexico. It started when energy companies were able to tap into massive reservoirs of crude oil. This also includes natural gas thousands of feet beneath the Permian Basin and cities like Carlsbad.
The industry quickly began generating record-breaking revenue from the rural southeast corner of the state. This provides funds for schools and other public services across the state.
Last year, data from the New Mexico Oil and Gas Association (NMOGA) showed the industry improvement. It contributed $2.8 billion to the state’s budget. Even as the COVID-19 pandemic reduced fuel demand and production slowed.
2020’s revenue marked a slight dip from the year before, records show, as oil and gas produced about $3.1 billion for New Mexico in 2019.
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Source: Carlsbad Current-Argus
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