Oil production boosts government income in New Mexico, as legislators build savings ‘bridge’

KIFI

Published August 23, 2023 5:35 PM

By MORGAN LEE
Associated Press

SANTA FE, N.M. (AP) — Record-breaking oil production in New Mexico is likely to provide state government with a new multibillion-dollar surplus during the upcoming budget year. Top state finance officials on Wednesday announced a new forecast for government income. They anticipate $13 billion in state general fund income for the fiscal year that runs from July 2024 to June 2025. That is a surplus of $3.5 billion, or 36%, over current annual spending obligations. Annual oil production in New Mexico has more than doubled over the past five years, bolstering public spending and also stoking concern about dependence on fossil fuels.

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