CLOVIS (KSMX) – The New Mexico State Land Office announced yesterday that it expects to bring in more than $1 billion this fiscal year from the boom in the oil and gas industry and the renewable energy leases. The total tally has not been calculated yet but year end estimates indicate a record high.
State Land Commissioner Stephanie Garcia Richard said the state experienced a 36% increase in money from the oil and gas industry, a 400% increase in money from wind energy, and a 1,300% increase in money from solar energy.
Garcia Richard stated that because of this boom, “New Mexico’s taxpaying families will save about $1,500 per year, per family”.
The revenue earned from activity on state trust land helps to fund public education, hospitals and other institutions.