In New Mexico, oil production has more than doubled over the last half-decade. For the next fiscal year, the state may receive $13 billion in state funding.
Record-breaking oil production inis likely to provide state government with a new multibillion-dollar surplus during the upcoming budget year, economists for the state announced Wednesday.
"We are living in unprecedented and historical times in the state of New Mexico," said Wayne Propst, secretary of the state Finance and Administration Department, announcing state income projections. The trusts are designed to sustain public programs and ease future dependence on the fossil fuel industry, as oil reserves are depleted or demands decline or both. A state trust for early childhood education, initiated in 2020, already has a balance of $5.5 billion.
Democratic state Sen. George Muñoz of Gallup, chairman of a lead budget-writing committee, said the state’swon’t last. He lauded efforts to generate more income through savings and investments.
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