Artesia Daily Press (June 16, 2024) – Martin Yates’ company first struck oil 100 years ago 15miles southeast the small-town of Artesia in southeast New Mexico, paving the way for what became known as the “shale revolution” decades later as fossil fuel production boomed in the Permian Basin.

The industry’s growth created thousands of jobs, drove state revenue by about $15 billion in the last fiscal year, and today is the region’s defining industry.

Author Alex Epstein said the growth in American oil and gas could continue, centered in southeast New Mexico, well beyond the next decade despite predictions that peak oil demand could hit by 2033. He said the main impediment to the ongoing oil boom were policies at the state and federal level aiming to mitigate environmental impacts but also impacting economic growth.

Epstein’s comments came during a ceremony June 14 at the Artesia Country Club marking the 100th anniversary of the Illinois #3 well, the first that produced oil in southeast New Mexico in 1924, along with the first state oil royalty check of $135 – the equivalent in 2024 of $2,394.

100 Year Celebration of Production in New Mexico Permian A Big Success!