A New Day at IPANM

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.