Significant Surplus in NM Treasury Thanks To Rising Price of Oil

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Blogger Joe Monahan is predicting significant surpluses in the New Mexico treasury, thanks to oil prices going back up again, and the hard work of Lea and Eddy County residents who are working in the industry.  Monahan cites reports predicting crude to hit somewhere between $87 and $90 a barrel by the end of the year. New Mexico is now the second largest oil producer in the United States, having passed North Dakota in September. There’s will be a lot to discuss during our upcoming energy summit on Oct. 21, and we hope you will join us at 8 a.m. at the civic center. 

The current budget forecast includes an additional $1.4 billion in the general fund, as well as an increase in the state’s Land Grant Permanent Fund. Of course, the true looming challenge is to ensure that these funds are spent well, and that the citizens of Southeast New Mexico are fairly treated when it comes to appropriation and capital outlay. 

At the same time, a group opposed to the oil and gas industry has put up billboards around Eddy and Lea Counties attacking the industry. These billboards also throw fishing and baseball into the mix. Our best response is to ignore these offensive billboards and continue to generate most of the state’s revenue while also producing some of New Mexico’s best fishing and certainly the state’s best baseball players. 

For complete energy summit information, please visit https://carlsbadfoundation.org/summit/. The summit is free and open to the public, and we will be serving steak lunches made by Kim and Lynn Ballard. 

From the office of Mayor Dale Janway 

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