Fri. May 24th, 2024

NEW MEXICO SEES GREATER INCOME FROM RECORD OIL PRODUCTION

ALBUQUERQUE (KSMX)- State economists on Wednesday revised forecasts upward for state government income amid surging oil and natural gas production in New Mexico, giving lawmakers greater leeway as they begin crafting a general fund spending plan for the coming fiscal year.

The fiscal forecasts, announced at a legislative committee hearing in the mountain resort community of Red River, hold major financial implications for public school budgets, tax incentives for filmmakers, infrastructure spending, support for Medicaid and an array of state government services.

Most of the windfall is linked to steadily growing oil and natural gas production focused in the Permian Basin that straddles New Mexico and Texas.

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