SANTA FE, N.M. (AP) — State legislators are keeping a wary eye on trends in oil prices and production as the number of active drilling rigs and new wells has plummeted from pre-pandemic levels, threatening a crucial source of state income amid the coronavirus pandemic.
A report from the budget and accountability office of the Legislature found that drilling for new petroleum wells in New Mexico’s share of the Permian Basin declined precipitously. Spending cuts are proposed next year at a variety of state agencies to help conserve financial resources.
New Mexico's governor says she wants to call a special legislative session to provide new economic relief to the unemployed and hard-hit businesses.