* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, July 18, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Theater at Santa Fe’s San Isidro Plaza will be converted into IMAX, family entertainment venue – Santa Fe New Mexican

    Santa Fe’s San Isidro Plaza Theater Transforms into Exciting IMAX Family Entertainment Venue

    B&B Theatres will open massive entertainment complex in Texas – The Business Journals

    B&B Theatres will open massive entertainment complex in Texas – The Business Journals

    Rough times for broadcast networks illustrate changing media landscape – New Haven Register

    Broadcast Networks Confront Turbulent Times in a Rapidly Changing Media Landscape

    Black River Entertainment Adds Traci Hite As Director Of Promotion, Southeast – MusicRow.com

    Black River Entertainment Welcomes Traci Hite as New Director of Southeast Promotion

    Entertainment Business Master’s Grad Launched Nonprofit to Nurture Emerging Artists – Full Sail University

    Entertainment Business Master’s Grad Launched Nonprofit to Nurture Emerging Artists – Full Sail University

    Review: At the Huntington, the New Hollywood String Quartet recalls legendary studio musicians – Los Angeles Times

    Review: At the Huntington, the New Hollywood String Quartet recalls legendary studio musicians – Los Angeles Times

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    SailGP Technologies officially launches new center of excellence in technology & innovation – Sail-World.com

    SailGP Technologies officially launches new center of excellence in technology & innovation – Sail-World.com

    Victorville’s new gunfire-detecting technology already making strides, city says – NBC Los Angeles

    Victorville’s New Gunfire-Detecting Technology Is Already Making a Difference, City Officials Say

    Guest columnist: China cutting corners on technology – The State Journal

    China’s Rapid Tech Advances Spark Worries About Cutting Corners

    Sentrycs’ Cyber Over RF technology integrated into Rafael’s combat-proven Drone Dome system – Defence Industry Europe

    Sentrycs’ Cyber Over RF Technology Boosts Rafael’s Battle-Tested Drone Dome System

    Nordic Air Defence raises $3 million to expand operations and advance drone defence technology – Defence Industry Europe

    Nordic Air Defence Lands $3 Million to Transform Drone Defense and Supercharge Operations

    China’s energy dominance in three charts – MIT Technology Review

    How China Is Powering Its Energy Dominance: A Visual Breakdown

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Theater at Santa Fe’s San Isidro Plaza will be converted into IMAX, family entertainment venue – Santa Fe New Mexican

    Santa Fe’s San Isidro Plaza Theater Transforms into Exciting IMAX Family Entertainment Venue

    B&B Theatres will open massive entertainment complex in Texas – The Business Journals

    B&B Theatres will open massive entertainment complex in Texas – The Business Journals

    Rough times for broadcast networks illustrate changing media landscape – New Haven Register

    Broadcast Networks Confront Turbulent Times in a Rapidly Changing Media Landscape

    Black River Entertainment Adds Traci Hite As Director Of Promotion, Southeast – MusicRow.com

    Black River Entertainment Welcomes Traci Hite as New Director of Southeast Promotion

    Entertainment Business Master’s Grad Launched Nonprofit to Nurture Emerging Artists – Full Sail University

    Entertainment Business Master’s Grad Launched Nonprofit to Nurture Emerging Artists – Full Sail University

    Review: At the Huntington, the New Hollywood String Quartet recalls legendary studio musicians – Los Angeles Times

    Review: At the Huntington, the New Hollywood String Quartet recalls legendary studio musicians – Los Angeles Times

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    SailGP Technologies officially launches new center of excellence in technology & innovation – Sail-World.com

    SailGP Technologies officially launches new center of excellence in technology & innovation – Sail-World.com

    Victorville’s new gunfire-detecting technology already making strides, city says – NBC Los Angeles

    Victorville’s New Gunfire-Detecting Technology Is Already Making a Difference, City Officials Say

    Guest columnist: China cutting corners on technology – The State Journal

    China’s Rapid Tech Advances Spark Worries About Cutting Corners

    Sentrycs’ Cyber Over RF technology integrated into Rafael’s combat-proven Drone Dome system – Defence Industry Europe

    Sentrycs’ Cyber Over RF Technology Boosts Rafael’s Battle-Tested Drone Dome System

    Nordic Air Defence raises $3 million to expand operations and advance drone defence technology – Defence Industry Europe

    Nordic Air Defence Lands $3 Million to Transform Drone Defense and Supercharge Operations

    China’s energy dominance in three charts – MIT Technology Review

    How China Is Powering Its Energy Dominance: A Visual Breakdown

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

No. 2 oil-producing US state braces for possible end to income bonanza in New Mexico

December 11, 2023
in Business
No. 2 oil-producing US state braces for possible end to income bonanza in New Mexico
Share on FacebookShare on Twitter

Author of the article:

The Associated Press

The Associated Press

Morgan Lee

Published Dec 11, 2023  •  3 minute read

FILE - Pumpjacks work in a field near Lovington, N.M., on April 24, 2015. A windfall in government income from petroleum production is slowing down but far from over in New Mexico as the nation's No. 2 oil production state grapples with how much it can effectively spend -- and how to set aside billions of dollars for the future in case the world's thirst for oil falters. The state is headed for a $3.5 billion general fund surplus for the year running through June 2025, according to a new forecast Monday, Dec. 11, 2023.FILE – Pumpjacks work in a field near Lovington, N.M., on April 24, 2015. A windfall in government income from petroleum production is slowing down but far from over in New Mexico as the nation’s No. 2 oil production state grapples with how much it can effectively spend — and how to set aside billions of dollars for the future in case the world’s thirst for oil falters. The state is headed for a $3.5 billion general fund surplus for the year running through June 2025, according to a new forecast Monday, Dec. 11, 2023. Photo by Charlie Riedel /THE ASSOCIATED PRESS

SANTA FE, N.M. (AP) — A windfall in government income from petroleum production is slowing down but far from over in New Mexico as the nation’s No. 2 oil production state grapples with how much it can effectively spend — and how to set aside billions of dollars for the future in case the world’s thirst for oil falters.

The state is headed for a $3.5 billion general fund surplus for the year running through June 2025, according to a new forecast Monday. New Mexico’s annual state government income has swelled by nearly 50% over the past three years, driven largely by oil an natural gas production in the Permian Basin, the most prolific shale-oil producing region in the country that extends across southeastern New Mexico and portions of western Texas.

Advertisement 2

This advertisement has not loaded yet, but your article continues below.

Financial Post

THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY

Subscribe now to read the latest news in your city and across Canada.

Exclusive articles from Barbara Shecter, Joe O’Connor, Gabriel Friedman, Victoria Wells and others.Daily content from Financial Times, the world’s leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.

SUBSCRIBE TO UNLOCK MORE ARTICLES

Subscribe now to read the latest news in your city and across Canada.

Exclusive articles from Barbara Shecter, Joe O’Connor, Gabriel Friedman, Victoria Wells and others.Daily content from Financial Times, the world’s leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.

REGISTER TO UNLOCK MORE ARTICLES

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.

Article content

Article content

The state will draw in a record-setting $13 billion — exceeding annual spending obligations by one-third, economists from four state agencies said in a presentation to a legislative panel. Monday’s forecast anticipates 2.2% growth in state government income, on top of 10.2% growth during the current budget year.

The estimate of government income sets a baseline for budget negotiations when the Democratic-led Legislature convenes in January, and could extend efforts to set aside money to ensure critical programs endure when oil income falters. The forecast cautions that slowing oil production and lower prices are expected to generate significantly less federal payments next year and beyond.

By the end of the decade, oil income is likely to begin a long, steady decline, “becoming a drag on revenue growth as global demand wanes,” the report states.

About half of the New Mexico’s general fund revenue can be traced to the oil and natural gas sector through an array of taxes and royalties on petroleum production that takes place largely on public lands — and distributions that flow from the state’s $28 billion land grant permanent fund for education, which is nurtured by oil income and investment earnings.

By signing up you consent to receive the above newsletter from Postmedia Network Inc.

Article content

Advertisement 3

This advertisement has not loaded yet, but your article continues below.

Article content

The state is looking for new revenue streams that shift the state’s dependence on oil, including Lujan Grisham’s proposal last week to help preserve freshwater aquifers with a $500 million initiative to underwrite the treatment of fracking wastewater. Early critics fear the plan might only spur more drilling for petroleum.

“We put a ton of money into funds,” New Mexico Gov. Michelle Lujan Grisham said from the United Nations climate conference in the United Arab Emirates, where calls to phase-out the use of fossil fuels have been on prominent display. “But you also have to create revenue streams that go into those funds that are reliable.”

Meanwhile, the growth in government income has allowed the state to expand agency budgets, scale back taxes, and offer new support to families, while bolstering spending on public education and colleges that account for roughly 58% of annual state general fund spending.

It’s more money in many instances than school districts and state agencies can effectively spend, as lawmakers push to bring average high school graduation rates and academic attainment up to national averages.

Advertisement 4

This advertisement has not loaded yet, but your article continues below.

Article content

“All the resources have been there to pay the teachers more, to do the afterschool programing to provide the tutoring and support,” said Charles Sallee, director of the Legislature’s budget and accountability office, at a recent community presentation. “It’s the ability of the bureaucracy to organize and use those resources. In many cases it’s strained at capacity.”

Frustration boiled over at a recent legislative hearing that examined state spending on public education and stagnant average student performance at public schools.

Statewide, the share of students who can read at their grade level is 38%. Math proficiency is at 24%. The state’s high school graduation rate hovers at 76% — well below the national average of 87%.

Funding is increasing while the student population is declining, said Democratic state Sen. George Munoz of Gallup, chairman of the lead state budget-writing committee at a November hearing.

“So we’re paying more for kids and we’re still not getting there,” Munoz said. “What are we going to do to move the needle?”

New Mexico’s early childhood education trust, created in 2020, already holds roughly $6 billion. It’s designed to safeguard an ambitious expansion of public preschool, no-cost child care and home nurse visits for infants.

Last year, legislators agreed to set aside $150 million in a new land and water conservation fund and agreed to channeled more money from oil and natural gas into a savings account for construction projects — devoting $3 billion by 2027.

Legislators still are pushing to open new savings accounts. An emerging proposal would devote $100 million to a trust for Native American education including Indigenous language instruction among 23 tribal communities in New Mexico, including the Navajo Nation.

Article content

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Financial Post – https://financialpost.com/pmn/business-pmn/no-2-oil-producing-us-state-braces-for-possible-end-to-income-bonanza-in-new-mexico

Tags: businessoil-producingState
Previous Post

BlackBerry names new CEO, will split cybersecurity and IoT businesses

Next Post

Holding(s) in Company

Ecology proposes to fund 102 clean water projects across the state – Department of Ecology State of Washington (.gov)

Ecology to Fund 102 Clean Water Projects Across the State

July 18, 2025
Connecticut science teacher makes Guinness Book of World Records for nearly 55-year career – CT Insider

Connecticut science teacher makes Guinness Book of World Records for nearly 55-year career – CT Insider

July 18, 2025
Dinosaur fossil found underneath a Denver museum’s parking lot – CNN

Dinosaur fossil found underneath a Denver museum’s parking lot – CNN

July 18, 2025
The best lifestyle change to improve heart health? Quitting smoking – UKNow

Transform Your Heart Health: Quit Smoking Today for Lasting Benefits!

July 18, 2025
For one hour, investors got a taste of a new world where the Fed is run by a ‘stooge’—and they hated every minute of it – Fortune

For one hour, investors got a taste of a new world where the Fed is run by a ‘stooge’—and they hated every minute of it – Fortune

July 18, 2025
Ukraine Reshuffles Cabinet With Wartime Economy Struggling – Bloomberg.com

Ukraine Overhauls Cabinet Amid Struggles of Wartime Economy

July 18, 2025
Theater at Santa Fe’s San Isidro Plaza will be converted into IMAX, family entertainment venue – Santa Fe New Mexican

Santa Fe’s San Isidro Plaza Theater Transforms into Exciting IMAX Family Entertainment Venue

July 18, 2025
Free physical, mental health resources to be offered at community fair – WIFR

Discover Wellness: Join the Community Fair for Free Physical and Mental Health Resources!

July 18, 2025
House sends first-of-its-kind cryptocurrency legislation to Trump’s desk after conservative revolt briefly delayed it – CNN

House Passes Groundbreaking Cryptocurrency Bill After Overcoming Conservative Opposition

July 18, 2025
SailGP Technologies officially launches new center of excellence in technology & innovation – Sail-World.com

SailGP Technologies officially launches new center of excellence in technology & innovation – Sail-World.com

July 17, 2025

Categories

Archives

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Jun    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (726)
  • Economy (749)
  • Entertainment (21,635)
  • General (15,957)
  • Health (9,787)
  • Lifestyle (757)
  • News (22,149)
  • People (751)
  • Politics (760)
  • Science (15,967)
  • Sports (21,246)
  • Technology (15,731)
  • World (733)

Recent News

Ecology proposes to fund 102 clean water projects across the state – Department of Ecology State of Washington (.gov)

Ecology to Fund 102 Clean Water Projects Across the State

July 18, 2025
Connecticut science teacher makes Guinness Book of World Records for nearly 55-year career – CT Insider

Connecticut science teacher makes Guinness Book of World Records for nearly 55-year career – CT Insider

July 18, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version