New Mexico faces billions in well plugging costs as Fed buys millions in oil and gas bonds

 

Some officials in New Mexico are worried that growing bankruptcies in the oil and gas industry could leave the state with thousands of abandoned or orphaned oil wells and the state with millions, maybe billions of dollars in the cost of plugging them.

In New Mexico, oil and gas companies issued nearly $30 billion in new debt since March, while the Fed purchased $50.6 million in bonds from oil and gas companies operating in New Mexico.

Click here to view the story from the New Mexico Political Report.

 

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