Oil Boom Has New Mexico On Pace For Record Revenue

SANTA FE, N.M. (AP) — New Mexico is now on track to collect an unprecedented $7.8 billion in the budget year thanks to skyrocketing oil production, according to a new legislative revenue tracking report.

The report says total state revenue collections were roughly $273 million above projected levels through April largely because of oil production in southeastern New Mexico, the Albuquerque Journal reports .

The higher-than-expected revenue surge for the budget year that ended June 30 could allow for additional spending increases on public schools, roads, pension funds and other programs.

Legislative and executive economists will release new official revenue estimates at a legislative hearing in Red River later this month.

Read more: https://www.krwg.org/post/report-oil-boom-has-new-mexico-pace-record-revenue