Despite the recent economic downturn, the Permian Basin is averaging 4.6 million barrels of oil and 16.4 million cubic feet of natural gas in 2020. The region still holds 92.3 billion barrels of recoverable oil and 299.7 trillion cubic feet of recoverable natural gas.
The Permian Strategic Partnership noted that the Permian Basin employs 22,000 oil and gas industry jobs and provided $1.52 billion in tax royalty revenues toward state education funds in 2019. These jobs are a reason why the average income for Eddy and Lea County residents is about 14% higher when compared to the rest of the state. Despite this year’s setbacks, we are still accounting for a large percentage of the New Mexico General Fund and the New Mexico GDP.
From the office of Mayor Dale Janway