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Industry Benefits

Industry Benefits

Oil & Natural Gas are the lifeblood of the world. Don’t anyone ever tell you differently. To quote Alex Epstein, author of The Moral Case for Fossil Fuels, “Fossil fuels are making the world a better and better place by providing uniquely low-cost, reliable energy to billions of people–and are needed by billions more.” In New Mexico, the Oil & Gas industry is the top sector for state, contributing over $5.3 billion dollars to state and local economies. The New Mexico state budget, alone, received $2.96 billion dollars in direct revenue from the oil and gas industry in our state. That makes up 35% of the entire state budget, which is money that directly goes to funding teachers, first responders, and infrastructure that delivers everything from food, fresh water, and home heating in New Mexico.  Thus, Oil & Gas is the primary supplier and distributor of the three essentials of life: food, water, & shelter.

New Mexico Benefits

Facts

  • Oil & Gas is a $27 billion industry in New Mexico. The extractive industries in New Mexico are the largest contributors to growth of the GDP in New Mexico.
  • Oil & Gas industry supports over one-third (35%), or nearly $3 billion of the state’s annual $8.9 billion budget.
  • More than 134,000 New Mexicans are employed as a result of oil and natural gas production, which is over 15% of the total state population.
  • Oil and gas funds the construction of new roads and highways in New Mexico through direct excise taxes, on top of the general fund budgets appropriated to state and local communities.
  • The Oil & Gas industry funds public safety, which helps New Mexico put more police, firefighters, and first-responders on the streets, keeping our communities safe.
  • New Mexico’s schools receive more than $1.4 billion each year to support students. That funding, alone, pays the salaries of one-third of our teachers.

Global Benefits

The Link Between Fossil Fuels & The Human Condition

Climate Deaths Decrease & Fossil Fuel Development

All graphics, information & references courtesy Alex Epstein:  https://energytalkingpoints.com/thanksgiving-2021/

Quick Links

Direct New Mexico

Benefits of Oil & Gas

Industry Benefits

In the News

Reference

Links

Industry Benefits In the News

IPANM (Nov. 20, 2022) - Dr. Dan Fine, a renowned oil & gas expert who resided in New Mexico, passed
Carlsbad Current Argus (Oct. 21, 2022) - Southeast New Mexico saw some of is highest oil production in the last
The Center Square (Oct. 6, 2022) — Business leaders across the country have joined together to call on the Biden
New York Post (Sept. 6, 2022) - It’s easy to believe that life on Earth is getting ever-worse. The media
The Durango Herald (July 20, 2022) - Sean Dugan wanted to be the next great filmmaker. Ryan Merrion wanted to

IPANM (Nov. 20, 2022) – Dr. Dan Fine, a renowned oil & gas expert who resided in New Mexico, passed away last month. IPANM members affectionately referred to him as “Dr. Dan” due to his longtime friendship and support of IPANM and IPANM members. Fine died in Miami on Sept. 26, following complications from surgery. He was 88-years old, and still active in his advocacy and work throughout the industry.

IPANM Executive Director Jim Winchester offered the following statement:  “Dr. Dan was deeply involved in many issues that impacted independent oil & gas producers. He was a tireless advocate, and you could always count on him to show up for oil & gas hearings to support or present fact-based analysis on the the importance of our industry to the state, the country, and the world.”

Former IPANM Board President T. Greg Merrion praised Fine for his efforts in the state’s northwest region, where he advocated for the importance of the state’s San Juan Basin, helped organize the still running San Juan Energy Conference, and was active in the Four Corners Economic Development.“He traveled around the state and met with all kinds of people from many different sectors,” Merrion told The Farmington Daily News. “He would talk about everything, from the war in Ukraine to oil and gas prices and elections.”

Fine has been a resident of New Mexico since 2004, and served as the director of the Center for Energy Policy at the Institute of Mining and Technology in Socorro. Fine later worked a lead researcher and author on the State of New Mexico’s Energy Policy and Implementation Plan adopted during the Martinez Administration in 2015.

“I first worked with Dr. Dan during his time developing New Mexico’s Energy Plan during the Martinez administration,” IPANM’s Jim Winchester said. “He was someone who taught myself and many others in the state about the importance of safe and responsible fossil-fuel production as part of an ‘all of the above’ approach to energy development. He was especially a strong advocate for the Navajo Allottees in the San Juan Basin and his efforts helped draw attention to the many positive impacts of oil & gas development to the Navajo people. There was both passion and compassion in his many efforts.”

Outside of New Mexico, Fine was known as an expert on energy markets and geopolitics. Fine served as a lifelong Harvard fellow and research associate with the Massachusetts Institute of Technology and providing expert guidance on energy issues and international relations among the top echelons of public and private agencies. He kept a pulse on the activities of foreign entities, governments, and OPEC+, and frequently offered analysis to local media on the impact of foreign energy policies on New Mexicans.

IPANM offers our condolences to Fine’s family and is indebted to him for his service to the New Mexico oil & gas industry.

Albuquerque Journal: Internationally renowned energy expert dies

Carlsbad Current Argus (Oct. 21, 2022) – Southeast New Mexico saw some of is highest oil production in the last decade, with the most barrels of crude oil reported produced in 2021 in the history of the region, said Hanson Yates, president of Artesia-based Santo Petroleum.

Santo is drilling two new wells in the Carlsbad area, Yates said, and planned to continue targeting the region for future growth.

At the Carlsbad Mayor’s Energy Summit Thursday, Yates rallied for fossil fuel production in the region encompassing parts of Eddy, Lea, Chaves and Roosevelt counties, calling for expanded domestic operations centered on the Permian and the western Delaware sub-basin.

He said heightened growth in the Delaware, which covers southeast New Mexico’s portion of the Permian, began in the 2010s when horizontal wells were half of about 11,000 new wells drilled that decade.

“In the 2010s, southeast New Mexico began a time of increased growth in oil and gas,” Yates said. “It’s really a golden age.”

Two years into the 2020s, Yates said growth was expected to continue and could even overtake the “golden age.”

The last eight years were the eighth most productive in southeast New Mexico’s history, Yates said, and 2022 could already be considered the fourth-most productive year with more than two months left.

Permian Growth Could Be Blocked By State Policy

The Center Square (Oct. 6, 2022) — Business leaders across the country have joined together to call on the Biden administration to boost domestic energy production and to abandon a proposal to ban new offshore lease sales.

More than 200 local chambers of commerce in 47 states and 14 national associations penned a letter to President Joe Biden to urge him “to strengthen our energy security by removing impediments to greater domestic energy production.”

“High energy prices remain a major concern for businesses throughout the United States and are a leading cause of inflation,” the letter read. “Businesses of all sizes are facing burdens from increased costs for goods, services, and transportation, which combined with tight labor markets, presents major headwinds for the U.S. economy.”

The letter argued that addressing climate change and energy security “are not mutually exclusive” and increasing domestic oil and natural gas production can “accelerate the energy transition” while simultaneously curbing cash to Russia and improving the lives of Americans.

“Also, Russian oil is among the dirtiest in the world, so displacing it with cleaner, less carbon intensive U.S. production would bring obvious environmental benefits,” the letter read.

Businesses Urge Biden To Boost Domestic Energy Production

 

New York Post (Sept. 6, 2022) – It’s easy to believe that life on Earth is getting ever-worse. The media highlight one catastrophe after another and make terrifying predictions. With a torrent of doom and gloom about climate change and the environment, it’s understandable why many people — especially the young — genuinely believe the world is about to end.

The fact is that while problems remain, the world is in fact getting better. We just rarely hear it.

We are incessantly told about disasters, whether it is the latest heatwave, flood, wildfire or storm. Yet the data overwhelmingly shows that over the past century, people have become much, much safer from all these weather events. Indeed, in the 1920s, around half a million people were killed by weather disasters, whereas in the last decade the death-toll averaged around 18,000. This year, just like 2020 and 2021, is tracking below that. Why? Because when people get richer, they get more resilient.

Reality Check: Environment Doing Pretty Darn Good

 

 

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