Albuquerque Business First (Dec. 3, 2021) –  New Mexico’s oil and gas industry has shown no signs of slowing down, despite a pandemic that has affected nearly every industry.

A new report from the New Mexico Tax Research Institute and New Mexico Oil and Gas Association this past week revealed that the industry produced a record-breaking $5.3 billion in revenue in fiscal year 2021 for state and local governments — an increase of $557 million from the previous fiscal year.

“Historic revenue equals historic opportunity, and that is great news for teachers and students, critical first responders and health care workers, and each and every New Mexican across this state,” NMOGA president and CEO Leland Gould said in a prepared statement.

The record-breaking fiscal year in the oil and gas industry included an increase in general fund money for the state.

The $2.96 billion raised for the general fund in FY21, which is typically used to fund public institutions and other state projects, was $152 million higher than in FY20. The money from oil and gas makes up 35% of the general fund, according to the report.

New Mexico Breaks Record in Oil and Gas Revenue in FY21