NM Jobs & Economy
Access to New Mexico’s rich stores of energy would strengthen our nation's energy and national security, and boost the state’s economy.
New Mexico Jobs
In New Mexico alone, 88,814 jobs are supported by the oil and gas industry. These jobs add $8.3 billion to New Mexico’s gross state product, or 12.2% of its wealth.
The industry supports jobs not just in exploring, producing, refining, transporting and marketing oil and natural gas, but also through the purchases it makes of other goods and services that support the industry’s operations. Equipment suppliers, construction companies, management specialists, and food service businesses are all a strong link in the industry. These businesses, in turn, purchase other goods and services that support other jobs throughout New Mexico and the nation.
New Mexico Revenue
In 2011, the oil and gas industry generated almost $1.7 billion in revenue for the state of New Mexico in the form of taxes, royalties and other revenues.
Further, a new study by Sonecon, LLC shows that oil and natural gas holdings are key to the performance of New Mexico’s public pension funds which support thousands of teachers, police, firefighters and other public servants who have dedicated their lives to serve the state.
According to a recent report by ICF International, tapping oil and natural gas resources in non-park federal lands could generate more than $1.7 trillion in government revenue and create tens of thousands of new jobs over the life of the resources. In New Mexico this could mean as much as $2.5 billion in much needed state revenue. And thanks to the industry’s development of advanced technologies, new frontiers in oil and natural gas are just taking off and offer greater promise than ever before for our energy future.
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